Tran Thanh Hai, deputy director of the MoIT’s Agency of Foreign Trade, highlighted that FDI enterprises from South Korea contribute over 30 per cent of Vietnam's total export turnover. - Photo: VNA/VNS
HANOI: The upcoming official visit to South Korea by Prime Minister Pham Minh Chinh and his spouse offers a significant opportunity for bilateral exchanges and cooperation expansion across various fields, especially trade.
According to the Ministry of Industry and Trade (MoIT), the export structures of Vietnam and the republic in their trade ties are complementary with little direct competition.
The East Asian nation is Vietnam's second-largest source of trade deficit after China.
However, the deficit is considered to be positive, as it primarily involves the import of machinery, equipment, and raw materials for domestic production.
Statistics showed that the two countries’ trade volume reached US$76.1 billion in 2023.
The figure was estimated at $38.8 billion between January and June this year, an annual increase of 9.3 per cent.
Of the first-half amount, Vietnam's values of exports and imports stood at about $12.2 billion and $26.6 billion, up 9.9 per cent and 9.1 per cent, respectively.
Tran Thanh Hai, deputy director of the MoIT’s Agency of Foreign Trade, highlighted that FDI enterprises from the republic contribute over 30 per cent of Vietnam's total export turnover.
Major Korean conglomerates such as Samsung, LG, Hyundai, Hanwha, Doosan, Posco, and SK have played a crucial role in the development of various Vietnamese localities, gradually helping Vietnam integrate deeper into the global value chain.
Furthermore, the republic is one of the few countries to have signed both bilateral and multilateral free trade agreements with Vietnam.
The two sides aim to achieve a bilateral trade target of $150 billion by 2030, addressing the trade imbalance and creating favourable conditions for the export of Vietnam’s strong products, such as agro-fishery goods, seafood, and seasonal fruits, to the Korean market.
Hai emphasised that Vietnam also regards South Korea as an important partner in its logistics service development strategy.
Lee Si-hyung, director of the LEE & KIM Foundation, representing Zenith Group and other South Korean businesses, noted that in the time to come, several Korean companies are looking to invest in Vietnam and seek partnerships with their Vietnamese counterparts in technology transfer, equipment supply, construction and related services. — Vietnam News/ANN
