Vietnam-South Korea bilateral trade hit $80.5 billion

According to the Ministry of Industry and Trade, total bilateral trade between South Korea and Vietnam reached $80.5 billion, with imports increasing by about 15% to $58 billion and exports increasing by 13.4% to $22.5 billion. After 11 months, The trade balance is inclined to a trade deficit of $35.5 billion.

Korea is Vietnam's third-largest trading partner with this level of implementation, behind the US and China.

In the first ten months of the year, there were four groups of goods exported to Korea in the first ten months of the year with a combined value of $1 billion or more: phones of all kinds and components reaching $4.57 billion; textiles and garments $2.86 billion; computers, electronic products and components $2.78 billion; machinery, equipment, tools, and spare parts reached $2.32 billion.

Regarding imports, there are ten commodity groupings having an import turnover of $1 billion or higher. With $20 billion, up 23.2% over the same time last year, computers, electronic devices, and components are the largest group and the only one to reach "tens of billions of dollars."

Other significant product categories include petroleum, phones and components, cameras, camcorders, and accessories.

By the end of this year, it is expected that bilateral trade would approach the milestone of $90 billion.

Source: Bao Dau Tu