The business session between Vietnamese and RoK enterprises held in Seoul on September 14.(Photo: VNA)
Exports from the Republic of Korea (RoK) to Vietnam have rocketed this year, despite declines in other major export markets like China and Japan, prompting local firms to seek business partners in the Southeast Asian country.
According to statistics announced by the RoK government on September 15, exports to Vietnam increased by 29.9 percent in the first seven months of this year compared to the same period last year.
Vietnam leapt two steps to rank as the RoK’s fourth largest export market, accounting for 5.2 percent of its outgoing shipments.
On September 14, the Korea Trade and Investment Promotion Agency (KOTRA) invited 17 major state-owned and private businesses to business sessions in Seoul, during which cooperation projects worth more than 1 billion USD are expected to be promoted.
The two countries also signed a free trade agreement in May, under which Vietnam will remove its import duties on 89.9 percent of all products from the RoK over a 15-year period following its implementation.
The RoK will do the same on 95.4 percent, or 11,668 out of the total 12,232 products, imported from Vietnam.
Trade between the two countries exceeded 26 billion USD last year, the highest value since the two established diplomatic ties in 1992.-VNA
The Republic of Korea (RoK) has proposed ambassadors of ASEAN countries to support its financial groups in boosting investment in the grouping’s member states.
Vietnam has usurped Japan for the first time to become the fourth largest importer of products from the Republic of Korea (RoK), in the first seven months of this year.
Farm produce exporters in Vietnam are being urged to study the Republic of Korea market thoroughly to gain a firm foothold, especially given the two countries recently signed a free trade agreement.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
Dung underlined several key objectives, including a comprehensive review of the legal framework governing SOEs, and called for updates that reflect international standards and support modern, transparent governance.
While the US market has become more difficult to access due to new tax policies, Australia could play the role of a trade cushion, helping to reduce shocks and maintain export momentum for Vietnam's shrimp industry.
The business session between Vietnamese and RoK enterprises held in Seoul on September 14.(Photo: VNA)
