RoK’s imports of Vietnamese farm produce soars after 2015 FTA

The Republic of Korea (RoK)’s imports of Vietnamese agricultural and livestock products rose by 34% in two years since the two countries’ free trade agreement (FTA) took effect in December 2015.

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According to the data compiled by the Korea Rural Economic Institute (KREI), the RoK imported US$980 million worth of farm and livestock products from Vietnam in 2017, compared with US$730 million in 2015.

Vietnamese goods accounted for 3.5% of the RoK's total farm and livestock imports last year, compared with 2.8% in 2015.

Two-way trade between the two countries has risen since the FTA went into effect in December 2015, making Vietnam the fourth largest trading partner of the Republic of Korea.

The KREI predicted that the pace of growth in the RoK’s imports of Vietnamese farm products is expected to quicken over the bilateral trade deal.

VNA

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