Viet Nam becomes source of largest trade surplus for South Korea
The Republic of Korea (RoK)'s exports to Viet Nam totaled US$60.98 billion in 2022, and imports hit US$26.72 billion, resulting in a surplus of US$34.25 billion, reported the Korean Ministry of Trade, Industry and Energy.
It was the first year Viet Nam ranked first in terms of trade surplus due in part to large Korean companies establishing factories in the country.
The RoK's largest trade surplus in 2022 with Viet Nam indicated the increasing importance of the country as a major manufacturing base.
Viet Nam has positioned itself as the manufacturing hub for multinational corporations in the ASEAN bloc, a ministry official said, adding that this is the result of major Korean companies making their way to Viet Nam, making the country as a close business partner.
Trade between the RoK and Viet Nam was US$500 million in 1992 when the two countries set up their formal diplomatic relations. It reached US$87.7 billion in 2022, a 175-fold increase.
The two countries agreed to raise bilateral trade to US$100 billion in 2023 and to US$150 billion by 2030.