Vietnam among Four Crucial Export Markets for Korean Firms

Tuan Minh

17:33 25/02/2016

BizLIVE - Kotra has named Vietnam and other three countries as the four strategic export markets for Korean manufacturers.

Vietnam among Four Crucial Export Markets for Korean Firms

Some beauty products of South Korea. (Photo: Bloomberg)

The Korea Trade-Investment Promotion Agency (Kotra) has named Vietnam, China, Iran and Brazil as the four strategic markets that can rescue Korean exports, and will focus on connecting local manufacturers with buyers in the nations for the first half of this year, according to the Koran Joongang Daily.
The four markets were named because of recently established free-trade agreements (FTA), relieved sanctions or other factors that include special events like the 2016 Summer Olympics, to be held in Rio de Janeiro.
Vietnam stepped up as the third biggest export market last year and the agency will aid Korean companies to take advantage of the second year of the FTA with the country, the newspaper added.
To effectively penetrate these markets, Kotra emphasized the role of the nation’s small and mid-size companies, which it hopes to expand and offer new chances to export their goods and services.
Trade between Vietnam and South Korea reached $36.55 billion in 2015, soaring 26.43% from a year earlier, according to data of the General Department of Vietnam Customs.
Vietnam’s exports to that North Asian country totaled $8.93 billion while imports touched $27.61 billion, resulting in a trade deficit of $18.68 billion, widening from a gap of $14.62 billion in 2014.