As Korea’s tenth largest importer, Viet Nam stocks up on oil, autos
Posted by Bao Viet Nam on August 19, 2008
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| Dried lychees are canned by workers at Bac Giang Food Company. The company has plans to export these products to traditional markets, including South Korea. — VNA/VNS Photo Pham Hau |
HCM CITY — Viet Nam is the 10th largest importer of Korean products, according to the Korean Trade Investment Promotion Agency (Kotra).
Korea’s total export value to Viet Nam reached US$4.5 billion in the first half of the year, an increase of 78 per cent over the same period last year.
Korea’s top exports to Viet Nam are oil, automobiles, textile products and sheet metal. The export value of these products is $2.05 billion, or 44.4 per cent of total value of Korean exports.
Kotra said Viet Nam had been importing more oil because of the country’s economic expansion.
Korean products including automobiles and electronic products are also popular in Viet Nam.
While Korea’s total export value reached $4.5 billion, Viet Nam’s total export value to Korea reached only $1 billion during the half first of the year.
However, Kotra says that bilateral trade between the two countries would be worth $10 billion by the end of the year. —
