Vietnam becomes RoK’s third largest exporting market

The exports from the Republic of Korea (RoK) to Vietnam increased by nearly 50% in the first seven months of 2017, compared to the same period last year, making Vietnam among the top three shipment destinations for RoK goods.

According to RoK Customs Service, RoK's exports to Vietnam, in the January-July period, reached US$26.95 billion, up 49.8% against the same period last year, and nearly three times higher than the 16.3% increase for RoK’s exports as a whole.

With this total amount, Vietnam ranks third among the export markets of RoK, following US$79.25 billion for China and US$39.66 billion for the US.

Vietnam has recently surpassed Hong Kong (China) to make the top three export destinations this year.

RoK's exports to Vietnam have been increasing by double digits every year since 2010, except for 2014, due to RoK firms moving their production facilities to Vietnam.

Increasing industrial demands in Vietnam and the implementation of the free trade agreement between the two countries, effective since 2015, have contributed to boosting RoK's exports to Vietnam.

Vietnam has been steadily climbing up the ladder of RoK's export destinations, up from 21st in 2000 to 13th in 2007 and up to fourth in 2015.

Japan, which had been one of the top three export destinations until the early 2010s, along with China and the US, fell to sixth place as of July.

RoK's exports to their neighbouring countries are advancing, but are much slower than for Vietnam, Hong Kong (China) and Australia, the Customs Service said.

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