Vietnam-Korea trade turnover is estimated to reach 70 billion USD in 2020.

Vietnam and South Korea aim to achieve $70 billion in bilateral trade by 2020.

This information was released at the "Korea-Vietnam Business Matching Event 2015," organized by the Korea Trade-Investment Promotion Agency in Vietnam on the morning of December 2nd in Hanoi, with the participation of 40 businesses from Korea.

Korean businesses showcased their products with the hope of increasing investment and cooperation with Vietnamese businesses in fields such as textiles, consumer goods, pharmaceuticals and medical equipment, electrical and electronic equipment, machinery and supplies for industrial production, cosmetics, food and beverages… These are items included in the tariff reduction schedule under the recently signed FTA between Vietnam and Korea.

Delegates cut the ribbon to inaugurate the Vietnam-Korea Trade Fair.

Through direct meetings and exchanges between the two countries, Vietnamese businesses will have the opportunity to introduce themselves and seek import partners from South Korea in the fields of agricultural products, seafood, textiles, etc.

After more than 20 years of establishing diplomatic relations, the relationship between Vietnam and South Korea has developed continuously, with the economic sector being the most prominent. As of October this year, investment from South Korea into Vietnam reached US$43.6 billion, and trade turnover between the two countries reached US$31.5 billion.

Ambassador Jun Dae Joo of South Korea to Vietnam stated that trade and investment between Vietnam and South Korea remain at a low level. Therefore, the Free Trade Agreement between South Korea and Vietnam, signed last May, is opening up many positive cooperation opportunities for the business communities of both countries.

The South Korean ambassador believes that the Vietnam-South Korea Free Trade Agreement is the most solid foundation for the economic development of both countries in the coming years, striving to achieve a trade turnover of 70 billion USD by 2020.

According to VOV.VN