The Vietnam Chamber of Commerce and Industry (VCCI)’s Ho Chi Minh City branch on June 19 organised a conference to promote link between enterprises from Vietnam and the Republic of Korea (RoK).

Vietnam - Korea Relationship

During 2015-2017, RoK’s exports to Vietnam surged 60.5% while the country’s imports from the Southeast Asian nation scaled up 61%.

In 2017, two-way trade reached US$61.5 billion, up 41% year on year, including Vietnam’s exports of US$14.8 billion, a rise of 30% over 2016 and its imports of US$46.7 billion, up 45.3% year on year.

In the first two months of 2018, the RoK shipped US$7.5 billion worth of products to Vietnam, a year-on-year surge of 28.1%. 

The RoK is currently the 2nd largest trade partner of Vietnam and the latter is the 4th largest trade partner of the RoK.

The East Asian country mostly bought Vietnamese garment and textile products, telephones and spare parts, electronics, aquatic products, wood and wooden products, machines, equipment, footwear, transport vehicles, and fabrics.

Meanwhile, Vietnam imported from the RoK cell-phone and computer spare parts, electronic products, fabrics, machines, equipment, chemicals and fertilizers.

Both sides have agreed to lift two-way trade to US$100 billion by 2020, making Vietnam become the 2nd destination for RoK products, just after China.

Regarding investment, the RoK is the biggest foreign investor in Vietnam with over 6,760 valid projects which have total registered capital of more than US$59 billion.