South Korea

Vietnam remains South Korea’s major partner, and would certainly play a key role in the supply chain of South Korean companies, said a South Korean official.

So far, there have not been any Covid-19 infections in Thai Nguyen province, where large scale industrial parks are located.

Supporting industries hold significant meaning in Vietnam’s efforts to restructure the economy and enhance national competitiveness, said Minister of Industry and Trade Tran Tuan Anh.

The growth rate is significantly lower than the 6.8% growth rate recorded in the first quarter of 2019.

The epidemic has not left major impacts on bilateral trade relations, said the Ministry of Industry and Trade.

Disbursement of foreign direct investment (FDI) projects in Vietnam totaled US$1.6 billion in January, representing an increase of 3.2% year-on-year.

Vietnam's trade turnover is set to reach US$38.1 billion in January, of which its exports amount to US$19 billion, down 14.3% year-on-year, and imports total US$19.1 billion, down 11.3%.

Taking into account the size of the Vietnamese economy, a large proportion of the state budget allocated for infrastructure development would affect the balance of payment and the economy.

Vietnam would continue to pursue a flexible monetary policy and affirms it has no intention of seeking unfair trade gains.

Vietnam’s active participation in multilateral and bilateral trade agreements created a pathway for improvements in the country’s business environment and support local enterprises to grow.