Technician at Samsung Electronics Complex in Vietnam. (Photo: VNA)Hanoi (VNA) – The Free Trade Agreement between Vietnam and theRepublic of Korea (RoK), which came into effect two years ago, has served as acatalyst for the two countries’ trade growth.
Bilateral trade surged 43 percent year on year to 58.8 billion USD duringJanuary-November.
The RoK’s Ministryof Trade, Industry and Energy said on December 19 that two-way trade hasincreased in three consecutive years and Vietnam has become fourth largesttrade partner of the RoK.
In the first 11 months of the year, the RoK’s exports to the Southeast Asiancountry soared 48.4 percent from the same time last year to 43.7 billion USD onsemiconductors, displays, wireless communication equipment and electronicsparts. With such result, Korean products made up 22.3 percent in the Vietnamesemarket, just following China.
Meanwhile, imports from Vietnam rose 29.2 percent to 14.8 billion USD in thereviewed time, mostly in wireless communication equipment, clothing, and otherdaily necessities.
The ministry said that RoK enterprises poured 54.5 billion USD into Vietnam inthe first half of the year, making it become the largest source of foreigndirect investment of Vietnam.
More than 5,000 RoK companies are running business in Vietnam, includingSamsung Electronics Co., LG Electronics Inc. and Doosan Engineering &Construction Co. They chose Vietnam to take advantage of cheap labour and agrowing number of middle-class consumers in the fast-growing economy.-VNA
VNA
