Yarn production line of RoK-invested KSA Polymer Hanoi JSC at Thuy Van Industrial Park in Phu Tho province (Photo: VNA)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)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./.
VNA
