Vietnam-RoK bilateral trade expected to reach US$ 65 billion by year end

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Vietnam-RoK bilateral trade is expected to reach US$ 65.1 billion by the end of 2020. Illustrative photo: Baodautu

In the first 9 months of 2020, the bilateral trade between the two countries was US$ 47.3 billion, Baodautu reported.

According to the Ministry of Industry and Trade, South Korea is currently Vietnam’s 5th largest export market (after the U.S, China, Japan and ASEAN) and Vietnam’s second largest import market (following China).

Due to the impacts of the COVID-19 epidemic, in the first 9 months of this year, Vietnam’s exports to South Korea reached US$ 14.5 billion, down 2% compared to the same period last year. It is estimated that the export turnover to South Korea in 2020 will reach US$ 19.7 billion with an average growth rate of 17.13% in the 2016-2020 period.

Vietnam’s exported goods to South Korea mainly include electronic products and components; cellphones; machinery; garments; wood and wood products, etc.

Meanwhile, Vietnam’s imports from South Korea in 2020 is estimated to reach US$ 45.5 billion with an average growth rate of 10.5% in the 2016-2020 period. The main imported goods include computers, electronic components, machinery, fabrics, plastic materials, etc. Computers, electronic products and components occupy the largest proportion.

The rise in importing goods from South Korea derives from the investment expansion of FDI which increases the demand for importing machinery and components in the context of the limited supply capacity of domestic supporting enterprises.

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