At more than US$ 61 billion, Vietnam - Korea trade increased by 123 times

VCN- In the period 1992-2017, the trade relation between Vietnam and South Korea saw a remarkable growth of 123 times, and South Korea is now Vietnam's second largest trading partner.
dat hon 61 ty usd thuong mai viet nam han quoc tang 123 lan RoK President begins State visit to Vietnam
dat hon 61 ty usd thuong mai viet nam han quoc tang 123 lan RoK President’s Vietnam visit expected to tighten bilateral ties
dat hon 61 ty usd thuong mai viet nam han quoc tang 123 lan Deputy Director General Hoang Viet Cuong received South Korea Customs
dat hon 61 ty usd thuong mai viet nam han quoc tang 123 lan
Structure of turnover ratio of the three biggest partners of Vietnam and the remaining markets in 2017. Chart: T. Binh.

Surpass the United States

Regarding Vietnam's export and import activities in the coming years from the statistics of the General Department of Vietnam Customs, the export and import activities between Vietnam and South Korea are continuously growing faster than the average level, especially when Samsung Group opened large-scale production of cell phones, tablets and electronic products in Bac Ninh (in late 2009) and Thai Nguyen (in early 2014).

An important milestone in the development of trade relation between the two countries was recorded in May 2017. At that time, the total value of bilateral export and import reached nearly US$ 24 billion (Vietnam exported about US$ 5.5 billion and imported about US$ 18.5 billion). Accordingly, South Korea surpassed the United States to become Vietnam's second largest trading partner (behind China).

South Korea not only surpassed the United States in bilateral trade turnover, but it also surpassed China to become the market which Vietnam sufferedthe largest trade deficit.

Thus, May 2017 recorded many marks in the trade relation between Vietnam and South Korea.

It can be said that in the 25 years since the two countries established diplomatic relation (since 1992), they have never seen such a breakthrough in import and export activities between Vietnam and South Korea.

By 2017, according to statistics of the General Department of Vietnam Customs, the total value of export and import turnover between the two countries reached US$ 61.557 billion, accounting for nearly 14% of total trade turnover of Vietnam. In particular, the import value from Korea was US$ 46.734 billion and the export value of Vietnam was US$ 14.823 billion. Thus, Vietnam suffered a trade deficit of nearly US$ 32 billion.

Noteworthy, at the time when the two countries established diplomatic relations, bilateral trade turnover stopped at a modest figure of about US$ 0.5 billion, then after 25 years the figure increased by 123 times.

In 2017, Vietnam had 3 groups of goods exported to South Korea valued at US$ 1 billion or more, such as the phones; textiles; computers, electronic products and components.

While in the opposite direction, South Korea dominated with 9 groups of "billion dollars" exported to Vietnam such as computers, electronic products and components; devices; phones and accessories fabrics; gasoline. Particularly, the group of computers, electronic products and components reached US$ 15.33 billion.

Looking to a turnover of US$ 100 billion

This is the goal set during the 8th Session of the Vietnam-South Korea Joint Committee on nuclear, energy, industry and trade cooperation; and the Second Meeting of the Joint Committee on the Implementation of the Vietnam-South Korea Free Trade Agreement (VKFTA) led by Minister of Trade and Industry of Vietnam, Mr. Tran Tuan Anh and Minister of Trade, Industry and Energy of South Korea (MOTIE), Mr. Paik Ungyu in HCM City on 2 February 2018.

According to information from the Ministry of Industry and Trade, the two sides discussed and agreed on bilateral cooperation in the field of industry, trade and energy.

The notable information is the content of cooperation on the project construction of power plants in the form of BOT; oil and gas; recycled energy; development of supporting industries; textiles; distribution and logistics. In particular, the two sides promoted bilateral trade to reach a target of US$ 100 billion by 2020.

dat hon 61 ty usd thuong mai viet nam han quoc tang 123 lan Discover gold bar hidden in personal luggage of Korean passenger

VCN - A 39-year-old Korean national passenger has been discovered and arrested by a customs official after ...

Obviously, with two-way trade reaching nearly US$ 61.6 billion last year and a growth rate of tens of percent per year (41.3% in 2017), the target of US$ 100 billion by 2020 signed by Minister of Industry and Trade of Vietnam, Mr. Tran Tuan Anh and South Korea's Minister of Trade, Industry and Energy, Mr. Paik Ungyu is feasible.

By Thai Binh/ Hoang Anh

Related News

Vietnam - France trade reached nearly US$2.5 billion in the first half of the year

Vietnam - France trade reached nearly US$2.5 billion in the first half of the year

VCN - France is Vietnam's leading trade partner in Europe with bilateral turnover reaching billions of US$/year.

Latest News

Indonesia licenses certificates of lobster cultivation for three Vietnamese companies

Indonesia licenses certificates of lobster cultivation for three Vietnamese companies

Three out of the five Vietnamese businesses, which have formed limited liability companies in Indonesia, have been verified and received certificates of lobster cultivation from the Directorate General of Aquaculture, according to Indonesia’s Ministry of Maritime Affairs and Fisheries.
Vietnamese spend nearly 150 trillion VND on online shopping

Vietnamese spend nearly 150 trillion VND on online shopping

Vietnamese consumers spent 143.9 trillion (5.68 billion USD) buying 1.53 million items on five e-commerce platforms in the first half of this year, representing a rise of 54.91% and 65.55% over the same period last year, respectively, according market analysis firm Metric.
Four tens of billion USD export markets

Four tens of billion USD export markets

VCN - According to General Department of Vietnam Customs, by the end of June 2024, Vietnam has four markets achieve export turnover of US$ 10 billion.
Successful digital transformation solutions for wood industry enterprises

Successful digital transformation solutions for wood industry enterprises

VCN - Refraining from rushing, implementing steps gradually, and maintaining a clear vision are the recommendations that experts give to wood industry enterprises for successful digital transformation.

More News

Vietnamese lychee sold well at Costco stores in Australia

Vietnamese lychee sold well at Costco stores in Australia

Lychee, one of Vietnam’s major export fruits, has been sold well at Costco stores in Western Australia and South Australia, according to the Vietnam Trade Office in Australia.
Durian exports forecast to top 3 billion USD in 2024

Durian exports forecast to top 3 billion USD in 2024

Durian exports may surpass 3 billion USD this year, according to Dang Phuc Nguyen, General Secretary of the Vietnam Vegetable and Fruit Association (Vinafruit).
FTA - support to promote pangasius export

FTA - support to promote pangasius export

VCN - The implementation of FTAs ​​always creates favorable conditions for businesses to expand and diversify markets, bringing Vietnamese seafood, including pangasius, to participate deeperly into the global production and supply chain.
Technology increases competitiveness in the logistics race

Technology increases competitiveness in the logistics race

VCN - In the context that the logistics industry in Vietnam is forecast to continue to grow strongly, many businesses are actively applying technology and expanding service chains to take advantage of opportunities and keep pace with the general trend.
MoIT proposes key solutions to cope with rising sea freight prices

MoIT proposes key solutions to cope with rising sea freight prices

The Ministry of Industry and Trade (MoIT) has requested local associations and businesses to coordinate implementing key solutions to promote imports and exports as sea freight rates rise.
Vietnamese seaports to handle 1.2-1.4 billion tonnes of cargo by 2030

Vietnamese seaports to handle 1.2-1.4 billion tonnes of cargo by 2030

Vietnam's seaport cargo throughput is set to reach 1.2-1.4 billion tonnes by 2030, with container cargo expected to range from 46.3 to 54.34 million TEUs, according to a detailed plan for the development of seaport groups, wharfs, jetties, buoy berths, and water areas in 2021-2030, with a vision to 2050.
Binh Dinh seeks investment opportunities from Germany, France

Binh Dinh seeks investment opportunities from Germany, France

A delegation from the south central province of Binh Dinh led by Permanent Vice Secretary of the provincial Party Committee Le Kim Toan paid a working trip to Germany and France to explore investment opportunities from July 17-22, reported the provincial Department of Planning and Investment.
Warnings as HRC steel imports continue to increase rapidly

Warnings as HRC steel imports continue to increase rapidly

The amount of imported hot-rolled coil steel in the first six months of this year increased sharply to an alarming level, 1.7 times higher than domestic production.
MoIT warns about international trade fraud

MoIT warns about international trade fraud

Trade experts said that the number of cases was increasing and taking place in all markets from Africa, the Middle East, India to developed countries such as the US, the Netherlands, and Italy.
Read More

Your care

Latest Most read
Indonesia licenses certificates of lobster cultivation for three Vietnamese companies

Indonesia licenses certificates of lobster cultivation for three Vietnamese companies

Three out of the five Vietnamese businesses, which have formed limited liability companies in Indonesia, have been verified and received certificates of lobster cultivation from the Directorate General of Aquaculture, according to Indonesia’s Ministry of Maritime Affairs and Fisheries.
Vietnamese spend nearly 150 trillion VND on online shopping

Vietnamese spend nearly 150 trillion VND on online shopping

Vietnamese consumers spent 143.9 trillion (5.68 billion USD) buying 1.53 million items on five e-commerce platforms in the first half of this year, representing a rise of 54.91% and 65.55% over the same period last year, respectively, according market analysis firm Metric.
Four tens of billion USD export markets

Four tens of billion USD export markets

According to General Department of Vietnam Customs, by the end of June 2024, Vietnam has four markets achieve export turnover of US$ 10 billion.
Successful digital transformation solutions for wood industry enterprises

Successful digital transformation solutions for wood industry enterprises

VCN - Ms. Nguyen Thi Linh Vy, Production Management Director at Imity Company, also states that although they had planned digital transformation two years ago, the company has not yet dared to implement it.
Vietnamese lychee sold well at Costco stores in Australia

Vietnamese lychee sold well at Costco stores in Australia

Lychee, one of Vietnam’s major export fruits, has been sold well at Costco stores in Western Australia and South Australia, according to the Vietnam Trade Office in Australia.
Mobile Version