Multi-billion dollar trade gap with Korea

Deputy trade minister and chief of Vietnam’s World Trade Organisation negotiation delegation, Luong Van Tu met the Korean ambassador to Vietnam Yoo Taehyun, on March 8 to discuss further boosting the two countries’ bilateral trade relationship, especially narrowing the trade gap during Vietnam’s negotiations to join the World Trade Organisation.
Figures of the Ministry of Trade show that in January, Vietnam imported up to US$264 million of goods and services from Korea whereas outbound exports reached only US$60 million.
The trade gap rate in the first month of this year accounted for 63% [or equal to US$204 million] of total two-way trade turnover.
Compared with last year, this year the Vietnam–Korea trade balance has not yet been improved.
According to figures of the MoT’s Asia Pacific department, in 2004, Vietnam’s exports to Korea were estimated at only US$673 million while import spending reached US$3.255 billion leaving a trade surplus of US$2.5 billion in Korea’s favour.
Vietnam mostly imports equipment and machinery and production materials of all kinds from Korea. Exports to Korea are chiefly processed products, household appliances, and ready made clothes.

 

Category: Economy