Making news

RoK’s imports of Vietnamese farm produce soars after 2015 FTA

The Republic of Korea (RoK)’s imports of Vietnamese agricultural and livestock products rose by 34 percent in two years since the two countries’ free trade agreement (FTA) took effect in December 2015.

According to the data compiled by the Korea Rural Economic Institute (KREI), the RoK imported 980 million USD worth of farm and livestock products from Vietnam in 2017, compared with 730 million USD in 2015.

Vietnamese goods accounted for 3.5 percent of the RoK's total farm and livestock imports last year, compared with 2.8 percent in 2015.

Two-way trade between the two countries has risen since the FTA went into effect in December 2015, making Vietnam the fourth largest trading partner of the Republic of Korea.

The KREI predicted that the pace of growth in the RoK’s imports of Vietnamese farm products is expected to quicken over the bilateral trade deal.