À̹ÌÁö È®´ë Vietnam is set to become a bigger export market than the United States for South Korea.
According to the Korea International Trade Association (KITA) on Thursday, Korea¡¯s exports to Vietnam amounted to $47.7 billion last year, taking up 8.3 percent of total overseas shipments, a yawning leap from the 3.9 percent share in 2014.
Vietnam is quickly closing the gap with the U.S., Korea¡¯s second largest trade partner. Shipments to the U.S. last year were $68.6 billion, making up 12 percent of Korea¡¯s total exports.
Korea¡¯s export volume to Vietnam has grown to reach 69.7 percent that of the U.S.
Experts credit Vietnam¡¯s rise to its growing prominence as a strategic outpost for some of Korea¡¯s major manufacturing names such as Samsung Electronics and LG Electronics.
The country¡¯s cheap labor and state-sponsored incentives for foreign investors have raised its appeal after China as a manufacturing powerhouse.
The Korea-Vietnam free trade agreement, which went into effect in December 2015, has also helped boost bilateral trade and investment.
By Woo Je-yoon and Kim Hyo-jin
[¨Ï Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]