3:26:38 PM | 7/8/2005
Vietnam will establish a trade promotion center in South Korea to help local companies boost exports to the market and reduce widening trade deficit with this country, said a Trade Ministry official.
The ministry is formulating a plan to open the center, which will be submitted to the government, said the official at a recent workshop about the Korean market.
The center will be located in Seoul and envisioned as a "showroom" for Vietnamese goods. The center will also perform the function of assisting local businesses seek partners and penetrate into the market.
Ministry statistics show that Korea imported goods valued at US$223 billion in 2004, but paid only US$603 million for Vietnamese goods in the year.
The trade ministry has warned that Vietnam will continue to run a large trade deficit with South Korea over the next few years, reaching US$2.85 billion in 2005 and between US$3.1-3.5 billion in 2010. If forecast Vietnam will spend some US$3.6 billion on imports from South Korea in 2005 and US$5.6-6 billion in 2010, while the country is expected to rake in only US$750 million from exports to South Korea in 2005 and US$2.5 billion in 2010.
Vietnam mainly imports garment and textile accessories, fabrics, machinery, petroleum, steel, plastic, automobiles, electronics parts, automobile parts and chemicals from South Korea and the import bill will increase further because South Korean-invested enterprises in Vietnam will need them as input.
Vietnam, meanwhile, mainly exports farm produce and seafood to South Korea.
Youth, Vietnam Economic Times
Vietnamese
