This is the first time Vietnam has become the largest trade partner of the RoK.

The ministry reported that the RoK’s export turnover to Vietnam last year totaled USD 60.98 billion, while it spent USD 26.72 billion on importing goods from the Southeast Asian nation.

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A yarn production line of KSA Polymer Hanoi JSC invested by the RoK at Thuy Van Industrial Park in Phu Tho province

An official from the ministry said that among the ASEAN countries, Vietnam is emerging as a production base for global companies, adding that Korean businesses are constantly making inroads into the Vietnamese market.

After Vietnam, the countries and territories that the RoK had large trade surplus included the U.S. with USD 28.04 billion, Hong Kong (China) USD 25.79 billion, India USD 9.98 billion, and Singapore USD 9.86 billion.

Last year, the RoK’s export turnover hit a high record of USD 683.9 billion, leaping to the sixth position in the world. However, it also recorded a record high trade deficit of USD 47.2 billion as its imports soared amid rising energy prices.

Source: VNA