Business
Vietnam’s imports from South Korea surge
  • By Nguyen Tuyen | dtinews.vn | July 31, 2017 01:54 PM
Vietnam imported USD19 billion worth of goods from South Korea in the first seven months of this year, making South Korea Vietnam’s largest exporter during the period.

According to the Vietnam General Office of Statistics, between January and July this year, Vietnam’s total import value from South Korea was estimated at USD19 billion, while the country’s export value to South Korea was just USD7.6 billion.

China followed South Korea with export value to Vietnam of USD16 billion and ASEAN countries came third with USD4 billion.

  

Vietnam’s total import value from South Korea was estimated at USD19 billion in the first seven months of this year


According to a recent report by the Vietnam General Department of Customs, IT products and machinery accounted for the majority of goods imported from South Korea into Vietnam in the first half of this year.

Deputy Minister of Industry and Trade Do Thang Hai attributed to the sharp increase of Vietnam’s imports from South Korea to preferential taxes though the South Korea - Vietnam Free Trade Agreement which took effect in early 2015.

Taking advantage of the agreement, more South Korea companies have boosted exports to Vietnam. However, Vietnamese exports to South Korea have remained modest.

The Vietnam General Office of Statistics reported that Vietnam’s trade deficit in July reached USD300 million in July and nearly USD3.1 billion in the first seven months of the year, equal to 2.7% of exports.

During the first seven months, the trade deficit incurred by the domestic sector totalled USD14.7 billion while the foreign-invested sector (including crude oil) continued to run a trade surplus of USD11.69 billion.

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