South Korea’s trade with Vietnam increased 7 percent in the first 11 months of this year compared with a year ago, Seoul’s trade ministry said Wednesday.
The bilateral trade volume reached $62.6 billion as of November, making Vietnam South Korea’s fourth-largest trading partner after China, the United States and Japan, the Ministry of Trade, Industry and Energy said.
South Korea’s exports to Vietnam rose 1.9 percent on-year to $44.5 billion over the period, while its imports soared 22 percent to $18.1 billion on strong demand for displays and electronics parts produced in Korean factories in Vietnam, the ministry said.
Vietnam was South Korea’s eight-largest trading partner in 2014, but has become the fourth-largest partner since the bilateral trade pact went into effect in 2015 December.
South Korea is Vietnam’s No. 1 investor, with its direct investment in the first nine months of this year coming at $2.81 billion, a 24.5-percent rise from a year earlier, it noted.
A growing number of Korean companies, including Samsung Electronics Co., have built factories in Vietnam to manufacture advanced technology items, including semiconductors, displays and cell phones. (Yonhap)