Vietnam And South Korea Increased Their Textile Machinery Last Year.
Vietnam? Association of Commerce and industry (VCCI) and The Republic of Korea The Trade Association (Daejeon) has been holding a trade fair for "Vietnam and South Korea seeking cooperative partners" in December 21st (2010) in December 21st. About 50 South Korean businessmen and Vietnamese businessmen attended the talks, and discussed the main industries including stationery, communications, robotics, children's playthings and chemical industries.
The conference was held to assist small and medium enterprises in Vietnam to promote trade, re export the Korean market and strengthen cooperation with Vietnamese manufacturers.
South Korea has become Vietnam's fourth largest trading nation in recent years. South Korea is Vietnam's seventh largest export and 2 largest importer, and South Korea is also one of the main suppliers of Vietnam's ODA.
According to Bui Huy Son, director of Asia Pacific Division of Vietnam Ministry of Commerce and industry, the trade volume between Vietnam and South Korea has been growing since 2007, of which 6 billion 587 million in 2007, 8 billion 850 million in 2008, 9 billion 40 million in 2009, and 11 billion in 2010.
Vietnam's estimated trade volume with South Korea will rise to $20 billion by 2015.
The main products imported from Vietnam in the first 7 months of last year were aquatic products.
Textile products
Crude oil and coal, of which aquatic products, textiles and coal accounted for 12.8%, 11.1% and 10.6% of the total imports from Vietnam, respectively.
Vietnam also imported the main commodities from Vietnam in the first 7 months of last year, covering cloth, machinery and equipment and components, as well as steel. The top item has accounted for 34% of Vietnam's total imports from Korea.
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