South Korean exports to Viet Nam has increased by 11.8 per cent year-on-year as of October, according to the Korea Trade Promotion Corporation (KOTRA).

In a report released on December 19, KOTRA attributed the increase to the Viet Nam - Korea Free Trade Agreement (KVFTA), noting that it happened at a time when global trade has been sluggish.

This rise in Vietnamese imports from Korea is also very encouraging in the context of a 2.2-per-cent increase in overall import increase for Viet Nam during the same period, the KOTRA report said.

From January to October 2016, exports of household goods from South Korea to Viet Nam increased strongly by 14.2 per cent, especially in washing machines, on which a 5-per-cent tax was cut in accordance with the KVFTA.

The report also cited a survey as finding up to 42 per cent out of 60 South Korean respondent exporters had reported an increase in trade with Viet Nam after the implementation of the KVFTA, and 63 per cent expected to have the same results in 2017. — VNS