Vietnam – RoK bilateral trade expected to hit USD65.1 billion in 2020
In the Jan – Sept period, the bilateral trade recorded USD47.3 billion.
The Ministry of Industry and Trade said the Republic of Korea (RoK) is the fifth largest export market of Vietnam after the US, China, Japan and ASEAN, and the second largest import market of Vietnam, just after China.
Due to impacts of the COVID-19 pandemic, over the past 9 months, Vietnam’s exports to the RoK reached USD14.5 billion, a year-on-year decrease of 2%. Export turnover to the market is expected to reach USD19.7 billion in 2020 with average growth of 17.13% in the 2016-2020 period.
Major export items include computers, electronic products and components; telephones and accessories; machinery, equipment, tools and spare parts; garments, wood and wooden products. Telephones of all kinds and accessories bagged the biggest export turnover, with rapid increase over years.
As the second largest supplier of machinery, equipment and raw materials for Vietnam, in 2020, import of goods from the Korean market is expected to post USD45.5 billion with average growth rate of 10.5% in the 2016-2020 period.
Major imported goods include computers, electronic products and components, telephones of all kinds and components; machinery, equipment, tools and spare parts; iron and steel of all kinds; fabrics of all kinds; petrol and oil of all kinds; and plastic materials.
The main cause of increase in imports of goods from the RoK is due to the wave of investment expansion from the FDI sector, especially Korean enterprises such as L&G, Samsung, and Posco; increasing import demand for machinery products, components and equipment for production as supply capacity of domestic supporting businesses is still weak./.
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