vn export to korea

asia times 9dec1

Meanwhile, the deputy minister for planning and investment, Vo Hong Phuc, says the export of seafood and agricultural produce to South Korea could help Vietnam narrow its trade deficit over the coming year. These items had yet to meet their potential despite high Korean demand, said Phuc.

Although South Korea imports $10 billion worth of seafood and agricultural produce per year, Vietnam exported only $130 million of these products to the country last year, according to official Korean figures.

South Korean experts are advising Vietnam on how it can increase its exports by promoting foreign investment in agriculture and harnessing advanced agricultural techniques. Phuc said he hoped that the investments would help bring Vietnam's agricultural produce up to international standards so it can better compete on global markets. A number of South Korean companies had expressed interest in investing in agriculture geared for export, he said.

Last year, total trade between the two countries reached $2 billion, of which Vietnamese exports comprised only $322 million. Vietnam exported $72.2 million worth of seafood to Korea last year, up from just $11.4 million in 1998. Agricultural exports reached $58.5 million last year, a rise from $39.8 million in 1998.

Vietnam's number one export to Korea is clothing, which represented $74.6 million last year. In the first five months of this year, imports from Korea reached $713 million while exports were $153 million, according to official Korean figures.

A boost in the exports of seafood, agricultural produce and consumer goods from Vietnam to Korea would double two-way trade and help balance the trade figures, Phuc said. The two sides have agreed to strengthen their trade and investment ties.

Since diplomatic relations were established between Vietnam and Korea in 1992, Korean companies have invested $3.3 billion in Vietnam. South Korea is the fourth largest foreign investor in Vietnam. South Korean investment projects are concerned mostly with ship-building, electronics, footwear and garment manufacturing