Vietnam becomes fourth largest importer of RoK products
Vietnam has usurped Japan for the first time to become the fourth largest importer of products from the Republic of Korea (RoK), in the first seven months of this year.
Vietnam has usurped Japan for the first time to become the fourth largest importer of products from the Republic of Korea (RoK), in the first seven months of this year.
According to statistics from the Korea International Trade Association (KITA) and the Korea Trade-Investment Promotion Agency (KOTRA) published on August 30, the RoK’s exports to Vietnam reached 16.35 billion USD while the amount to Japan was worth 15.48 billion USD.
The RoK’s shipments of wireless communication device components to Vietnam shot up by 29.9 percent from the same period last year. A RoK official said that exports to Japan plunged by 19.3 percent, spurred by Japanese yen devaluation and low oil price.
In the same period, the RoK raked in 79.13 billion USD from selling products to China, 41.92 billion USD from the US and 16.87 billion USD from Hong Kong (China).
Last year, the RoK generated 22.35 billion USD from shipments to Vietnam, lower than the amount gained from Japan which stood at 32.18 billion USD. Meanwhile, the country earned 145.29 billion USD from China and 70.28 billion USD from the US.-VNA
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Vietnam and the Republic of Korea (RoK) on January 13 signed a Memorandum of Understanding (MoU) on furthering bilateral agricultural cooperation, in a joint effort to improve food security.
Vietnam was the third largest export market of the Republic of Korea (RoK) in the first quarter of this year after China and the US, according to the Institute for International Trade at the RoK International Trade Association.
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In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
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In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
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PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
The Prime Minister emphasised the significance of maintaining macroeconomic stability, controlling inflation, promoting growth, and improving the harmony between monetary and fiscal policies.
Illustrative photo. (Photo: VNA)
