Seminar focuses on fixing Vietnam, RoK trade deficit
(VOV) - A seminar on October 15 was convened in Ho Chi Minh City to develop a strategy and evaluate potential solutions to Vietnam’s looming trade deficit with the Republic of Korea (RoK).
Vietnam’s total commercial and services trade with the Republic of Korea (RoK) surged to US$28.8 billion in 2014 from just US$500 million in 1992, said Deputy Head Le An Hai of the Asia-Pacific Market Department.
“However, trade has been lopsided with Vietnam annually experiencing ever-widening trade deficits,” Hai underscored.
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Deputy Director Bui Thi Thanh An of the Trade Promotion Department in turn said for the eight months through August 2015, the country’s imports from the RoK were US$18.6 billion and exports to it US$6.4 billion resulting in a trade deficit of US$12.2 billion.
There was general agreement among those in attendance that a recently signed Free Trade Agreement (FTA) between the two nations would provide some opportunities for expanded exports to the RoK.
A representative of the Ministry of Industry and Trade noted the industries that appear most promising for potential increased exports are clothing, footwear, fresh and processed agricultural products, household goods and processed cereals.