Aiming to give a big push to their bilateral trade, South Korean Prime Minister Han Duck-soo and his Vietnamese counterpart Pham Minh Chinh have agreed to achieve trade of $100 billion next year and increase it to $150 billion by 2030, up from $78 billion last year. South Korea is an important economic partner for Vietnam and the largest source of FDI.
During their telephonic call this week, Han and Chinh also agreed to seek ways to narrow the gap in bilateral trade, according to media reports. Vietnam incurred a trade deficit of $34 billion with South Korea last year.
Vietnam exports textile products like apparel and home textile to South Korea, while it imports fabrics and other textile products in limited volume from its Asian trade partner. Last year, the bilateral trade of apparel and home textiles was over $4 billion.
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