This is part of activities within the framework of the Vietnam-ROK business exchange program organized by the Export Support Centre under the Vietnam Trade Promotion Agency and the Vietnamese Trade Office in the ROK with the aim of boosting exports to the market.
The two groups are in need of importing spices/sauce, noodle/vermicelli/rice noodle and products, canned food/frozen seafood, frozen and dried fruit, coffee, chocolate, cashew nut, pepper, cinnamon, anise, dried food such as dried beef, chicken and cuttlefish, fresh fruits like coconut, pineapple, banana, mango and dragon fruit and some other processed food, which offer opportunities for Vietnamese agricultural businesses to ship their products to the market.
Twenty-five years after establishing the diplomatic ties, Vietnam and the ROK have become strategic and important economic partners. Vietnam’s exports to the market rose 31% to US$15 billion last year. Bilateral trade is expected to reach US$100 billion by 2020.
According to the Korea International Trade Association (KITA), the ROK’s exports to Vietnam reached nearly US$48 billion last year, accounting for 8% of the country’s total export value. This is an impressive figure as it was just nearly 4% in 2014.
Vietnam became one of the ROK’s top ten export markets in 2009 for the first time with an export value of more than US$7 billion and surpassed Japan to be the third largest export market of the country in 2015.