RoK Increases Imports of Vietnamese Mangoes

Harvesting mangos in Dong Thap province. Photo: laodong.vn

Vietnam exported a total of 1,700 tonnes of mangoes worth USD 7.4 million to the Republic of Korea (RoK) during the past 11 months of the year, thereby becoming the third largest mango supplier to the RoK market, VOV reported Saturday.

According to statistics compiled by the Ministry of Industry and Trade cited from the Korea International Trade Association (KITA), during the reviewed period the RoK imported a total of 22,000 tonnes of mangoes estimated at USD 95.3 million, marking a rise of 4.1% in volume and up 8.2% in value compared to the same period from 2021.

In this period the average price of imported mangoes to the RoK stood at USD 4,326.2 per tonne, indicating an annual increase of 4%.

Elsewhere, Thailand and Peru made up the two largest mango suppliers to the RoK, accounting for 81.2% of total mango imports to the Northeast Asian country.

Mango can be grown throughout the year without much change in quality, which helps his company easily get export orders. Vietnam has around 87,000 hectares under mango, with the Mekong Delta accounting for nearly half.

Vietnam ranked third among the largest mango suppliers to the RoK, with 1,700 tonnes worth USD 7.4 million, up 19.1% in volume and 24.8% in value against 2021.

The average price of imported mangoes from the Vietnamese market to the RoK reached USD 4,232.3 per tonne, marking a year-on-year increase of 4.7%.

Presidents Nguyen Xuan Phuc (back, left) and Yoon Suk-yeol (back, right) witness the signing of an MoU on cooperation enhancement between the two foreign ministries. Photo: VNA

The Southeast Asian country is expected to surpass Japan to become the third largest trade partner of the RoK, just behind China and the US, VNA citied the newswire world.kbs.co.kr.

It quoted the Federation of Korean Industries (FKI)’s analysis of investment and trade changes between the two nations during the 1992-2021 period as saying that the RoK’s trade surplus with Vietnam grew steadily from USD 300 million in 1992 to an estimated USD 31.3 billion in 2022, making Vietnam almost certainly exceed the US to become the top surplus partner.

As of November, two-way trade between Vietnam and the RoK hit USD 81.1 billion.

The figure in 1992 reached USD 500 million and saw a 161-fold rise to USD 80.7 billion in 2021. During the period, the RoK’s exports and imports soared by 8.4 and 7.5 times respectively, but its exports and imports with Vietnam surged by 142 times and 240 times.

Since the establishment of their diplomatic ties, the third biggest currency earners have been semiconductor chips, flat panel displays and sensors, radio and telecommunications equipment. During 2019-2021, their exports grew by 32%, 23.3% and 37.2%, respectively.

Data from the General Statistics Office of Vietnam showed that as of 2021, the RoK was the biggest investor in Vietnam with 9,203 projects worth USD 78.5 billion. Its FDI in Vietnam spiked from USD 17 million in 1992 to USD 2.4 billion in 2021.

Samsung is the biggest foreign-invested firm in Vietnam. This year, it poured an additional USD 2 billion in the country and expects to raise its total investment to USD 20 billion.

FKI advised the RoK Government to enhance partnerships with Vietnam as the two governments recently upgraded the bilateral ties to a comprehensive strategic partnership.

The two countries’ businesses also targeted lifting two-way trade to USD 150 billion by 2030, doubling the current figure.

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