Vietnam Seeks to Boost Trade Ties with S. Korea, Africa

Vietnam Seeks to Boost Trade Ties with S. Korea, Africa

The Economic Department under the Ministry of National Defense will conduct two fact-finding trips to South Korea and to Africa in September this year, aiming to boost trade ties with the two markets.

The trips are part of the National Trade Promotion Program for 2005, which has been approved by the Government and the Ministry of Trade.

Enterprises participating in the trips will receive financial support for air fares, accommodation and food during the trips.

Bilateral trade between Vietnam and South Korea increased from $2.75 billion in 2002 to more than $3.9 billion in 2004. Vietnam exported seafood, garment, crude oil, footwear, coffee, and rubber to South Korea and imported raw materials, machines, steel, computers, electronic components, automobiles and fertilizer from the country.

Vietnam’s exports to Africa increased from $15 million in 1991 to $400 million last year. Export values reached $57 million in Senegal, $32 million in the Ivory Coast, and $31 million in Ghana in 2004.

Currently major Vietnamese exports to Africa include rice, garments and textiles, pepper, rubber, electrical, electronic and plastic products. Vietnam mainly imports fertilizer, cashew nuts, steel, cotton and wood materials from the continents.