The Republic of Korea (RoK)'s exports to Vietnam enjoyed a year-on-year surge of nearly 50 percent in the first seven months of 2017. (Photo: VNA)Seoul (VNA) – The Republic of Korea (RoK)’s exports to Vietnamenjoyed a year-on-year surge of nearly 50 percent in the first seven months of 2017,making the Southeast Asian country the third biggest importer of RoK goods.
Accordingto the RoK’s customs data released on August 23, the country’s export turnoverto Vietnam during the January-July period reached 26.95 billion USD, a 49.8percent increase from the same time last year.
Thefigure turned Vietnam into the third biggest importer of RoK products, justbehind China and the US, which respectively bought 79.25 billion USD and 39.66billion USD worth of goods from the RoK.
The RoK’s exports to Vietnam have been growing sharply since 2010, mainly dueto local firms moving their production facilities to Vietnam. There is asignificant increase in the shipments of raw materials and semi-finishedproducts to Vietnam while imports of finished goods from Vietnam are also rising.
Growing industrial demand in Vietnam as well as the implementation of a freetrade agreement between the two countries are other reasons behind the surge inthe RoK’s exports to the country.
Vietnam has been steadily climbing up the ladder of the RoK’s exportdestinations, up from 21st in 2000 to 13th in 2007 and fourthin 2015. This year, it replaced Hong Kong to stand at third.-VNA
VNA
