Hanoi, Jul 24 (Prensa Latina) South Korea has become Vietnam's second-largest trading partner, only preceded by China, displacing the United States in the first half of the year, an official release reports here today. During that time, Hanoi-Seoul buying and selling operation reached $29.1 billion USD, $11.5 billion USD of which corresponded to Vietnamese exports.
Although that figure meant a year-on-year increase of 29 percent, the trade balance was favorable at $15.9 billion USD to the Republic of Korea, which desplaced China from first position in the list of markets with which Vietnam has the highest trade deficit.
Experts attributed the bilateral trade to the activation of the Vietnam-South Korean Free Trade Agreement by late 2015.
South Korea is the largest supplier of auto parts to Vietnam (sales surpass $856 million USD annually) and one of its three main suppliers of fibers and fabrics.
But its weight in the Vietnamese economy is even greater: the Department of Foreign Investments said that country is the one that bets most on Vietnam with a registered capital of $54.5 billion USD.
The projects attracting the greatest interest of South Korean investors are related to the processing and manufacturing industries and the energy sector.
A survey conducted by the Republic of Korea Business Association in Vietnam revealed that about 46.1 percent of South Korean companies plan to place more capital in Vietnam and seven out of 10 are satisfied with the results of their businesses.
Source: Prensalatina
Key words: South Korea, takes over, US, Vietnam, second trading partner
