Vietnam's trade with South Korea is rising following a bilateral trade deal. Photo: UPI
Vietnam’s imports from South Korea reached $5.84 billion in the first two months of this year, representing a rise of 40.3% from a year earlier and accounting for 20.7% of the country’s total import turnover, according to the General Department of Vietnam Customs.
With such a growth, South Korea has become the second import market for Vietnam after China, as a result of the South Korea-Vietnam Free Trade Agreement which came into force in December 2015.
According to customs data, Vietnam spent $1.52 billion on importing computers, electronic devices from South Korea in the two-month period, up 24.7% from a year earlier. Imports of phones and spare parts also increased 26% to $583 million.
Notably, the country imported $1.31 billion worth of machinery and spare parts from the Northeast Asian country, soaring 83.5% year-on-year. The figure is twice the import turnover of this group from Japan.
Data shows that Vietnam raked in $1.93 billion from exports to South Korea between January and February, leading to a trade deficit
of $3.9 billion with that market.
In 2016, Vietnam’s imports from South Korea grew nearly 16% year-on-year to $32.03 billion while exports went up 28% to $11.42 billion.