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Trade: bright point in Vietnam-RoK relations

Trade cooperation is seen as one of bright points in bilateral relations between Vietnam and the Republic of Korea (RoK) after 20 years of the establishment of diplomatic ties.

Two-way trade turnover of the two countries increased 26 times over 18 years, from 500 million USD in 1992 to 13 billion USD in 2010, and jumped to 18 billion USD in 201, making the RoK the fourth biggest trade partner of Vietnam after China, the United States and Japan .

In the first ten months of this year, the two-way trade turnover maintained the growing pace with a total value of 17.2 billion USD and is expected to hit 20 billion USD before 2015.

Vietnam exports minerals, footwear, wood products, seafood and garment and textiles to the RoK. In which, wood and wood products see a high turnover growth of 20 percent per year.

The RoK also ranks fourth among big importers of Vietnam””””s seafood sector, following the US , European Union and Japan, accounting for 8 percent of the total value of seafood exports.

Thanks to the ASEAN-RoK Free Trade Agreement effective from 2010, Vietnam””””s garment and textiles export to the RoK in 2011 saw a tremendous increase of 50 percent, with the value of more than one billion USD. The figure for the first 10 months of this year already reached 906 million USD.

In return, Vietnam has imported computers, electronic parts, iron, steel, cloths and footwear raw materials from the RoK, in which computer and electronic spare parts account for the largest proportion with 17 percent.