Tremendous room remains for Vietnam-RoK trade growth
Trade between Vietnam and the Republic of Korea (RoK) has witnessed a strong growth over the past time, with tremendous room noticed for future development of the ties. President Nguyen Xuan Phuc's ongoing visit to the East Asian nation from December 4-6 is expected to open a new phase in countries’ relations, bringing bilateral cooperation to a new height.
Yarn production line of RoK-invested KSA Polymer Hanoi JSC at Thuy Van Industrial Park in Phu Tho province (Photo: VNA)
Hanoi (VNA) - Trade between Vietnam and theRepublic of Korea (RoK) has witnessed a strong growth over the past time, withtremendous room noticed for future development of the ties. President Nguyen Xuan Phuc's ongoing visit to the East Asian nation from December 4-6 isexpected to open a new phase in countries’ relations, bringing bilateralcooperation to a new height.
Since establishing diplomatic relations in 1992, the bilateral trade turnover has increased by 162 times, from 480 million USD in 1992 to 78billion USD in 2021. The value is projected to hit 90 billion USD this year andexceed 100 billion USD in 2023.
The RoK is Vietnam's third biggest trade partner, while Vietnam is the RoK’s largest trade partner in ASEAN.
Commenting on the trade relationship, a representative ofthe Ministry of Industry and Trade’s Asia-Africa Market Department said thatthe export structure of the two countries is complementary. The RoK is amarket with a rich purchasing power, so the room for Vietnamese exports to thecountry is large.
Moreover, the East Asian nation is one of the few countriesthat has signed many bilateral and multilateral free trade agreements (FTAs)with Vietnam, such as the ASEAN-RoK FTA; Vietnam – RoK FTA (VKFTA); and RegionalComprehensive Economic Partnership (RCEP).
The nations’ two-way trade was more than doubled lastyear compared to 2015, when they signed the VKFTA. In which, Vietnam's exportsto the RoK in 2021 reeled in 21.9 billion USD, 2.4 times higher than the 8.9billion USD posted in 2015.
Manufacturing electronic components at the RoK-funded Doosung Tech Vietnam Co., Ltd in Luong Son Industrial Park, Hoa Binh province (Photo: VNA)
This year, the Korea Trade and Investment Promotion Agency(KOTRA) Hanoi plans to organise 75-80 business matching events to createcooperation opportunities for 1,300 Korean enterprises and more than 1,200Vietnamese enterprises, serving the countries’ target of 100 billion USD inbilateral trade.
Head of KOTRA Hanoi’s office Tran Thi Hai Yen said it has sofar run 58 events, linking 850 Korean businesses to nearly 900 Vietnameseimporters./.
The upcoming state visit to the Republic of Korea (RoK) by Vietnamese President Nguyen Xuan Phuc will be a big breakthrough in the relationship between the two countries, Minister of Foreign Affairs of the RoK Park Jin has affirmed.
President Nguyen Xuan Phuc's upcoming state visit to the Republic of Korea (RoK) from December 4-6 will open up a new chapter in Vietnam-RoK relations, Vietnamese Ambassador to the RoK Nguyen Vu Tung said in an interview granted to the Vietnam News Agency (VNA)'s resident correspondent in Seoul.
President Nguyen Xuan Phuc will lead a high-ranking delegation of Vietnam to pay a state visit to the Republic of Korea (RoK) from December 4-6 at the invitation of Korean President Yoon Suk-yeol.
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Yarn production line of RoK-invested KSA Polymer Hanoi JSC at Thuy Van Industrial Park in Phu Tho province (Photo: VNA) 
Manufacturing electronic components at the RoK-funded Doosung Tech Vietnam Co., Ltd in Luong Son Industrial Park, Hoa Binh province (Photo: VNA) 
