- Free trade deal to boost EU-Vietnam trade by 50 pct
- Vietnam tries to find its feet in world of free trade
The Korea-Vietnam Free Trade Agreement, which took effect a year ago, has largely expanded exports from South Korea to Vietnam.
South Korea’s shipments to Vietnam in the first 10 months climbed 12 percent from the same period last year to $26.4 billion, Yonhap News reported, citing reports from the trade ministry and the Korea Trade-Investment Promotion Agency.
South Korea’s trade ministry said the rising exports made Vietnam the world’s third-largest importer of South Korean products during the January-October period, after China and the U.S.
Vietnam’s General Statistics Office on Friday released trade data for the first 11 months, putting South Korea among the top exporters to Vietnam in a wide range of products from iron and steel and garment materials to phones and consumer goods.
In particular South Korea was the biggest seller of computers and electronics to Vietnam, with a total value of $7.94 billion, up 26.3 percent from the year-ago period. It was also the second biggest supplier of machinery to Vietnam, with exports of $5.12 billion, up 9.5 percent.
Fuel shipments from South Korea increased fivefold to 1.6 million tons, the biggest expansion from all suppliers.
Statistics showed that Vietnam has been recording a larger trade deficit with South Korea since 2010. The decifit hit nearly $19 billion last year.
A survey by the Korea investment promotion agency found 42 percent of 60 South Korean exporters increased their shipments to Vietnam following the enactment of the Korea-Vietnam FTA in December 2015. A majority expected the free trade deal to continue helping their business in 2017.
For years, South Korea has been the biggest foreign investor in Vietnam, driven by major projects of electronics giants LG and Samsung.
Related news:
Từ vựng liên quan
Tin tức liên quan
Vietnam plans to power up its Spratly Islands
news | 318696609Vietnam Electricity (EVN), the country’s power monopoly, said it had finished surveying the Spratly Islands to build a power grid across the archipelago, Vietnam News Agency reported yesterday.
Laser beams continue to threaten Vietnam’s aviation safety
news | 326856599After Hanoi, incidents of ground-based lasers targeting aircraft have plagued Saigon's airport.
Saigon braces for more record tides this year
news | 327486597River tides are rising relentlessly in Saigon due to climate change and other factors.
Organic produce chains struggle to maintain Vietnam foothold
industries | 110716645Stiff competition, storage issues and low profit margins make it very difficult to run an organic store chain in Vietnam.
China investment grows at slowest pace since 2000, more stimulus seen
world | 316956598Growth in China's fixed-asset investment slipped below 10 percent for the first time since 2000 in January-May as a boost from record credit growth seemed to be already fading, putting expectations of further stimulus back on the table.
US delivers six patrol boats to Vietnam's Coast Guard
news | 248676610The boats are part of a $20 million hardware and infrastructure package.
It’s official: Vietnam OKs casino gambling for locals
news | 318296594Citizens over 21 years old with a monthly income of at least $445 will be allowed to enter local casinos from mid-March.
Da Nang on Indian billionaires’ radar for exotic weddings
places | 332886603First it was Phu Quoc Island, now it is Da Nang that is emerging as an exotic location for rich Indians’ weddings.
Higher tax could end ride-hailing firms’ cash burn
industries | 333486597Vietnam’s tax hike for ride-hailing companies is likely to hasten the end of their cash burning and force them to rely on service quality to attract customers.
Low buildings should make way for public transport, greenery in HCMC: experts
news | 84176671HCMC should opt for more skyscrapers to make way for public transport and trees, according to a member of the HCMC Traffic and Urban Advisory Council.