Trade

The trade deal would create favorable conditions for greater cooperation in trade and investment between the two countries.

In 2020, Hanoi targets GRDP growth of at least 7.5%.

In 2019, for the first time Vietnam’s trade turnover exceeded the US$500-billion mark to reach nearly US$517 billion, of which exports stood at US$263.5 billion, up 8% year-on-year.

Vietnam’s targets of becoming Asia’s logistics hub would only be feasible if local firms can fence off competition from the world’s major logistics players.

In 2020, Vietnam’s trade surplus is expected to reach US$8.6 billion.

In the first 11 months of the year, the country’s external trade hit US$472.36 billion, up 7.3% compared to the same period in 2018, and recorded an all-time high trade surplus of US$10.94 billion.

The FDI sector posted exports of US$165.03 billion in the January – November period, up 4.1% year-on-year, accounting for 68.3% of Vietnam’s exports.

On the back of the estimated GRDP growth rate of 7.46% in 2019, a four-year high, Hanoi targets the GRDP in 2020 to grow at least 7.5% onwards.

Vietnam agrees to purchase 1,200 megawatts of electricity from Laos in 2020, exceeding the original plan of 1,000 megawatts, and 5,000 megawatts until 2030.

Vietnam is one of South Korea’s key partners, especially when both are targeting US$100 billion bilateral trade in 2020.