Vietnam has gained US$ 3.66 billion in revenue from exports to the Republic of Korea (RoK) in the past seven months, representing a modest year-on-year increase of 2.4 percent.
|Garments took the lead with a $921.7-million turnover|
Figures from the General Department of Customs also showed that from January to July 2014, garments took the lead with a US$ 921.7 million turnover, representing a 36.7 percent increase from that of the same period last year and making up one-fourth of the country's total export earnings from its trade with RoK.
Sea foods placed second with $ 343.8 million, representing a year-on-year increase of 53 percent, while wood and wood products placed third with $ 267.8 million, a year-on-year increase of 47.4 percent.
Other exports likewise experienced significant growth. Earnings from mobile phone exports increased by 300 percent, followed by electric cables, 100 percent; handbags and suitcases, 45 percent; machinery and spare parts, 40 percent; and leather and footwear, 29 percent.
Officials of the Vietnamese Trade Office in Korea urged domestic enterprises to exert more effort in accelerating trade promotion, improving production capacities and sharpening competitive skills to further tap into the lucrative RoK market.
They noted that Korean consumers have been shopping in small and medium-sized supermarkets, hypermarkets and traditional markets.They also preferred environment-friendly food and were paying more attention to the country of origin of their food purchases, giving top priority to Korean-made goods.
To successfully penetrate Korean markets, Vietnamese exporters should ensure the quality of their products, with focus on food safety and hygiene, and make their goods look different from those already available in the market, the officials said.
Last year, Vietnamese exporters earned $ 6.6 billion from the RoK market, representing an 18.9 percent year-on-year increase that accounted for 24.3 percent of the total value of exports to the Asian country.