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S. Korea's trade with Vietnam up 7 pct as of Nov.

All News 11:40 December 19, 2018

SEOUL, Dec. 19 (Yonhap) -- South Korea's trade with Vietnam increased 7 percent in the first 11 months of this year compared with a year ago, Seoul's trade ministry said Wednesday.

The bilateral trade volume reached $62.6 billion as of November, making Vietnam South Korea's fourth-largest trading partner after China, the United States and Japan, the Ministry of Trade, Industry and Energy said.

South Korea's exports to Vietnam rose 1.9 percent on-year to $44.5 billion over the period, while its imports soared 22 percent to $18.1 billion on strong demand for displays and electronics parts produced in Korean factories in Vietnam, the ministry said.

Vietnam was South Korea's eight-largest trading partner in 2014, but has become the fourth-largest partner since the bilateral trade pact went into effect in 2015 December.

South Korea is Vietnam's No. 1 investor, with its direct investment in the first nine months of this year coming at $2.81 billion, a 24.5-percent rise from a year earlier, it noted.

A growing number of Korean companies, including Samsung Electronics Co., have built factories in Vietnam to manufacture advanced technology items, including semiconductors, displays and cell phones.

The Korea Trade-Investment Promotion Agency (KOTRA) holds an industry fair the Vietnamese capital city of Ho Chi Min City in this photo provided by KOTRA on Dec. 17, 2018. (Yonhap)

The Korea Trade-Investment Promotion Agency (KOTRA) holds an industry fair the Vietnamese capital city of Ho Chi Min City in this photo provided by KOTRA on Dec. 17, 2018. (Yonhap)

ejkim@yna.co.kr
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