Nguyen Van Xuong, former Vietnamese Ambassador to South Korea How has the Vietnam-Korea Free Trade Agreement (VKFTA) impacted both countries’ trade and investment ties since it was signed and took effect in 2015? The VKFTA has had huge impacts on the trade and investment relation between Vietnam and South Korea. South Korea is now Vietnam’s second-largest trade partner after China. Vietnam was South Korea’s eighth-largest trade partner in 2014, but has become the fourth-largest trade partner since the VKFTA went into effect in December 2015. Figures from Vietnam’s General Statistics Office (GSO) showed that two-way trade turnover hit a record $67.1 billion last year, with Vietnam earning $19.8 billion – up 8.3 per cent on-year – from exporting goods to South Korea, and spending $47.3 billion – down 0.6 per cent on-year – importing goods from this market. In fact, before the VKFTA appeared, investment from South Korea into Vietnam increased strongly because both nations had big demand for their respective goods. South Korea has limited land area but a big population, so its investors find it difficult to cultivate investments in their homeland, while Vietnam proves to be of great potential for them in many sectors. Moreover, Vietnam and… Read full this story
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