Vietnam – South Korea trade forecast to reach $16b

Bilateral trade between Vietnam and Korea could top US$16 billion this year, Ha Chan Ho, Korean Ambassador to Vietnam, told participants at a seminar in HCM City yesterday.
The seminar coincided with the opening of the Korea International Trade Association (KITA) representative office in HCM City.

Since establishing diplomatic ties in 1992, the two countries have developed co-operation in many fields, including trade and education, Ha Chan Ho said.

Addressing the event, KITA chairman Sakong Il said bilateral trade had increased strongly in the past years, from US$500 million in 1992 to $13 billion last year.

With more than 2,500 projects worth a total registered capital of nearly $23 billion, Korea is Vietnam’s largest foreign investor.

Previously, Korean businesses primarily focused their investments in labour-intensive sectors, including garments and textiles, but are now focusing on high-tech industries.

“Vietnam has an abundance of natural resources, while capital and technology are the strengths of Korean companies. By joining these complementary strengths, Vietnamese and Korean enterprises can achieve higher development,” he said.

Deputy Minister of Industry and Trade Le Duong Quang agreed with Sakong Il, saying that South Korea was an import trade and investment partner of Vietnam.

Bilateral trade turnover between the two countries reached more than $8.8 billion in the first half of the year, an increase of 49 per cent over the same period last year.

Bilateral trade turnover could top $20 billion in 2015 as the target set by the two governments, Quang said.

Vietnam exports crude oil, processed seafood, coffee, rubber, garments, electronic components, furniture, footwear, steel and coal to South Korea.
It imports garments and textiles, machinery and equipment, automobiles, petrol products and other goods.

Hong Sung Hae, chief representative of KITA office in HCM City, said the office would work to strengthen economic co-operation between the two countries.
Vietnam News

Tags: Vietnam South Korea trade