RoK boosts imports from Vietnam
Friday, 21/12/2018 13:27 (GMT+7)
The Republic of Korea’s imports from Vietnam in the Jan-Nov period rose sharply by 22% to USD18.1 billion due to the increasing demand for display and electronic components made in Korean factories in Vietnam, said the country’s Ministry of Trade, Industry and Energy.
A Samsung factory in Vietnam
Bilateral trade turnover reached USD62.6 billion in the 11 months. Meanwhile, the country’s export turnover to Vietnam soared 1.9% compared to the same period last year to USD44.5 billion.
In 2014, Vietnam was the eighth largest trade partner of the RoK. It rose to the fourth place following China, the US and Japan after the RoK-Vietnam bilateral trade agreement took effect on December 20th, 2015.
The RoK is now the leading investor in Vietnam with a total investment capital of USD2.81 billion in the first 9 months of the year, a year-on-year rise of 24.5%. More and more Korean companies, especially Samsung Electronics, built factories in Vietnam to manufacture advanced technological products, including semiconductors, displays and mobile phones
Recently, on December 6th, the two sides have signed an action program to raise bilateral trade turnover to USD100 billion in 2020, indirectly contributing to shaping some spearhead economic sectors and boosting Vietnam’s exports. In addition, the move helps diversify imported products and choices of customers./.
BTA
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