Vietnam is likely to surpass the United States to become the Republic of Korea’s second biggest importer by 2020, thanks to a bilateral free trade agreement.
RoK products exhibited in Ho Chi Minh City (Source: VNA)
Seoul (VNA) – Vietnam is likely to surpass the United States tobecome the Republic of Korea’s second biggest importer by 2020, thanks to abilateral free trade agreement, according to a report released by the KoreaInternational Trade Association on March 20.
Two-way trade is expected to exceed 100 billion USD in 2020,making Vietnam the second destination of RoK exports after China, said thereport.
Last year, Vietnam outstripped China’s Hong Kong to be theRoK’s third largest export market, following China and the US, up three notchesfrom 2014.
RoK’s exports to Vietnam have been on the rise over the pastdecade, with the proportion of Korean products rising from 8.5 percent in 2007 to22.1 percent of Vietnam’s imports in 2017.
The report attributed the increase to the free trade agreementbetween the two countries, which came into effect in December 2015.
RoK exports to Vietnam have shot up 60.5 percent over thetwo years since the FTA implementation with imports jumping more than 61percent.
Although the RoK's overall exports decreased for twoconsecutive years in 2015 and 2016, its shipments to Vietnam rose 24.2 percentand 17.5 percent, respectively. The country posted a trade surplus of 31.6billion USD with Vietnam in 2017.-VNA
The Republic of Korea (RoK) is implementing the New Look South policy, in which Vietnam is a key partner, and it wants to further intensify relations with the Southeast Asian nation, said RoK Foreign Minister Kang Kyung-wha.
Vietnam and the Republic of Korea (RoK) are developing cooperation in many traditional aspects very well, and they should expand their ties to other fields in the time ahead, Prime Minister Nguyen Xuan Phuc told RoK Foreign Minister Kang Kyung-wha in Hanoi on March 9.
Institutions from the Republic of Korea (RoK) have increased their investments in Vietnam’s financial market significantly, expecting to make big gains thanks to the economic growth outlook.
Singapore, the Republic of Korea, Malaysia, Japan and Hong Kong (China) are the largest real estate owners in Vietnam so far, according to a survey recently announced by the CBRE Vietnam.
China’s Laoling city, in coordination with VINEXAD, hosted a series of events in Ho Chi Minh City from August 7-9 to seek trade and economic cooperation with Vietnam.
Vietnamese Ambassador to Cambodia Nguyen Minh Vu led a delegation to Mondulkiri, Ratanakiri, and Kratie provinces from August 5-8, aiming to deepen economic ties and support Vietnamese businesses operating in Cambodia’s northeastern region.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
RoK products exhibited in Ho Chi Minh City (Source: VNA) 
