Vietnam-South Korea to push bilateral trade to $150 bn by 2030

07 Jul '22

2 min read

Pic: 123rf.com

Aiming to give a big push to their bilateral trade, South Korean Prime Minister Han Duck-soo and his Vietnamese counterpart Pham Minh Chinh have agreed to achieve trade of $100 billion next year and increase it to $150 billion by 2030, up from $78 billion last year. South Korea is an important economic partner for Vietnam and the largest source of FDI.

During their telephonic call this week, Han and Chinh also agreed to seek ways to narrow the gap in bilateral trade, according to media reports. Vietnam incurred a trade deficit of $34 billion with South Korea last year.

Vietnam exports textile products like apparel and home textile to South Korea, while it imports fabrics and other textile products in limited volume from its Asian trade partner. Last year, the bilateral trade of apparel and home textiles was over $4 billion.

Vietnam had exported apparel worth $3.294 billion in 2021 and $3.065 billion in 2020 to South Korea. During January-May 2022, Vietnam’s apparel exports to South Korea stood at $1.361 billion, according to Fibre2Fashion’s market insight tool TexPro. Vietnam’s home textiles exports to South Korea were valued at $395.606 million in 2021 and $347.747 million in 2020. The figure was $169.606 million in the first five months of this year.

Vietnam’s apparel imports from South Korea were worth $388.507 million in 2021 and $334.721 million in 2020. Imports stood at $156.932 million in the first five months of 2022, as per TexPro. The country’s home textiles imports from South Korea were $21.993 million in 2021 and $18.804 million in 2020. The figure was $8.199 million in January-May 2022.

Fibre2Fashion News Desk (KUL)

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