|Seafood products are processed at Ngô Quyền Seafood Processing Joint Stock Company in Kiên Giang Province for exporting to Japan, South Korea, Australia and the Europe. South Korea for the first time became Việt Nam’s second-largest trade partner in the first half of 2017. – VNA/VNS Photo Mạnh Linh
HÀ NỘI – South Korea has surpassed the US, the European Union and ASEAN for the first time to become Việt Nam’s second-largest trade partner, after China.
According to the General Department of Customs, in the first half of this year, trade value between Việt Nam and South Korea reached $29.12 billion, accounting for 14.7 per cent of total national trade value, of which export value from Việt Nam to South Korea stood at $6.57 billion while import value from South Korea to Việt Nam was $22.56 billion.
That import value with strong growth at 51.2 per cent year-on-year made Việt Nam’s trade deficit with South Korea increase to $15.99 billion, higher than its trade deficit with China at $13.72 billion.
The Ministry of Planning and Investment said these figures showed that Việt Nam had promoted imports from South Korea and that country, therefore, became the second largest goods supplier of Việt Nam, after China. Việt Nam mainly imported machines and equipment from South Korea for South Korean investors’ factories to produce export goods in Việt Nam.
Nguyễn Đức Thành, director of the Việt Nam Institute for Economic and Policy Research, said this development and current structure of import and export goods reflected the trend of dependence on trade of some large South Korean enterprises, especially Samsung.
According to the General Department of Customs, Việt Nam’s total trade value was $198.2 billion in the first half of this year, up 21.5 per cent year-on-year.
Trade value of foreign-direct-investment (FDI) enterprises reached $129.62 billion, up 23.9 per cent over the same period last year, including export value at $68.97 billion and import value at $60.66 billion.
This value of domestic enterprises reached $68.6 billion, 17.2 per cent higher than the same period of last year, including export value at $28.76 billion and import value at $39.84 billion.
The department said Việt Nam had trade deficit of $2.78 billion in the first half of this year, including $292 million in June.
The trade deficit of the domestic business sector was $11.09 billion while FDI enterprises achieved a trade surplus of $8.31 billion.
Trade value of Việt Nam with its 10 largest markets stood at $176.09 billion in the first half, accounting for 88.8 per cent of the total.
China remained the country’s largest trade partner, with $39.8 billion, accounting for 20.1 per cent of the total.
The US came third with $24.4 billion, accounting for 12.3 per cent, then the European Union with $24.01 billion, or 12.1 per cent, and ASEAN with $23.9 billion, or 12 per cent.
The US continued to be the largest export market of Việt Nam’s goods with value at $19.7 billion, a year-on-year increase of 10 per cent. – VNS