Vietnam-Korea trade to hit 70 billion USD by 2020

Bilateral trade between Vietnam and the Republic of Korea reached 40 billion USD in 2016 and is expected to hit 70 billion USD by 2020 following fruitful implementation of a free trade agreement (FTA) between the two countries.

Korea is currently Vietnam's 3rd biggest trade partner and the largest foreign investor in Vietnam.

"Korea is not only a major market for Vietnamese products but also provides significant investment capital to Vietnam. After one year of implementing the bilateral free trade agreement, Korea has become Vietnam's largest investor in terms of both the numer of projects and the amount of capital", said Bui Huy Son, Director General of the Trade Promotion Angency of the Ministry of Industry and Trade.

The Vietnam-Korea FTA took effect on December 20, 2015.

Source: VOV5