Vietnam and South Korea agree for bilateral trade of USD 100 bln by 2020
Moon said South Korea will "contribute" to Vietnam's goal of becoming an industrialized economy by lifting bilateral trade to USD 100 billion by 2020.
Vietnam and South Korea agreed on Friday to seek to boost their bilateral trade to USD 100 billion by 2020, or 50 percent more than last year's total.
A memorandum of understanding, signed in Hanoi during a visit by South Korean President Moon Jae-in, also lays out guidelines for aiming to reduce Vietnam's deficit in bilateral trade.
After meeting Vietnamese President Tran Dai Quang and signing the MoU, Moon said South Korea will "contribute" to Vietnam's goal of becoming an industrialized economy by lifting bilateral trade to USD 100 billion by 2020.
President Moon Jae-in left for Vietnam for a state visit. It has been only 25 years since Korea and Vietnam established diplomatic ties, but Vietnam has now emerged as Korea's No.1 partner among 10 ASEAN member states in terms of trade, investment, people-to-people exchanges. pic.twitter.com/Mkha7jHsOF— MOFA (@MOFAkr_eng) March 22, 2018
Trade between Vietnam and South Korea has risen rapidly since a free trade agreement between the two took effect in December 2015.
In 2017, South Korea replaced the United States as Vietnam's second largest trading partner, after China. It is also the largest source of foreign direct investment in the Southeast Asian economy.
Samsung Electronics Co. is the largest single foreign investor in Vietnam, where it has multiple factories.
According to Vietnam's official customs data, bilateral trade rose 51 percent last year to USD 66.56 billion. Vietnam's deficit with South Korea was USD 31.9 billion, compared with USD 21.2 billion in 2016.
Vietnam exports mainly garments, cellphones, and seafood to South Korea, while its key imports include electronic components, machinery, fabrics, and plastics.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)