Vietnam, RoK trade could hit 70 billion USD by 2020
Free trade agreement between Vietnam and the Republic of Korea (VKFTA) would be an effective channel to increase the bilateral trade to 70 billion USD in 2020.
Yarn produced at the Dong Phat JSC in Hanoi. (Source: VNA)
Hanoi (VNA) - Free trade agreement between Vietnam ⛄and the Republic of Korea (VKFTA) would be an effective channel to increase the bilateral trade to 70 billion USD in 2020, said an official of the Trad⛎e Promotion Agency under the Ministry of Industry and Trade.
Bui Huy Son, head of the agency, said the VKFTA was signed on May 5, 2015 and came into effect on December 20, 2015. One key point of the FTA was to basically not have any direct competition in trade between the two countries. This would create favourable conditions for enterprises in the two countries.
A month after the VKFTA came into effect, import and export of goods between the two countries went on well, Son said. Of the goods exported by Vietnam to the Republic of Korea (RoK), industrial and manufacturing products accounted for 87 percent of the total national export value while farming and fishery products claimed 12.6 percent of the total export value. Vietnam mainly imported material and machines for production from RoK.
However, positive results lasted for a short period, Son said, but added that the two countries believed their enterprises would take advantage in making investments and trading under the bilateral FTA to exponentially increase the bilateral trade in the future.
According to Vietnam's General Department of Customs, the bilateral trade value increased from 500 million USD in 1992 to 36.5 billion USD in 2015. RoK was the fourth largest export market and the second largest import market of Vietnam.
In the first two months of this year, the value of exports from Vietnam to RoK reached 1.47 billion USD, 30.6 percent higher than during the same period last year. The key export products included telephones and their components, petrol, farming products, computer and electronic products.-VNA
The relationship between the Republic of Korea (RoK) and Vietnam is one of the typical examples of the modern international relations, stated Speaker of the RoK National Assembly Chung Ui-hwa.
The fourth strategic dialogue on diplomacy, security and defence at the deputy foreign minister level between Vietnam and the Republic of Korea (RoK) was held in Seoul, the RoK on September 8.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
Yarn produced at the Dong Phat JSC in Hanoi. (Source: VNA)
