Vietnam, South Korea agree to boost bilateral trade to US$100-billion by 2020
The MoU is part of broad agreements between leaders of the two countries at the Asia-Pacific Economic Cooperation (APEC) meetings in Da Nang in November 2017.
Vietnam’s Minister of Industry and Trade Tran Tuan Anh on December 6 signed a memorandum of understanding (MoU) with South Korea’s Minister of Trade, Industry and Energy Sung Yunmo for an action plan to bring bilateral trade to US$100-billion by 2020 towards a better balance, the governmental portal reported.
Vietnam’s Minister of Industry and Trade Tran Tuan Anh on December 6 signed a memorandum of understanding (MoU) with South Korea’s Minister of Trade, Industry and Energy Sung Yunmo. Source: VNA
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Under the MoU, from now on until 2020, South Korea would support Vietnamese enterprises to enhance competitiveness in fields of accessories and parts, automobile, textile, footwear and electronics, while facilitating agricultural trade between the two sides.
The bilateral trade between Vietnam and South Korea in 2017 reached US$61.5 billion, up 41.3% year-on-year. Of the total, Vietnam's exports to South Korea stood at US$14.8 billion, up 30%, and imports US$46.7 billion, up 45.3%.
A free trade agreement between the two countries came into effect in December 2015.
In the January – November period, South Korea remained Vietnam’s second largest import market with turnover of US$43.5 billion, up 1.7% year-on-year, only behind China with US$59.7 billion, a 13% climb year-on-year.
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