Korea Trade Investment Promotion Agency recently announced that Vietnam has emerged as the 10th biggest export market of the Republic of Korea. In the first half of 2008, Republic of Korea's export turnover to Vietnam hit USD 4.5 billion, up by 78% YoY.

Accordingly, Vietnam’s rank among the Republic of Korea’s markets climbed to 10th from 13th in 2007, when Republic of Korea shipped USD 5.8 billion worth of goods to Vietnam.

Among the exports in the first half of 2008, petroleum products accounted for the largest part with 30%, as their exports reached USD 1.4 billion. Automobile exports represented USD 380 million or 8.4%. Textile and steel plate exports reached USD 270 million and USD 260 million respectively, accounting for around 6% each.

Meanwhile, Republic of Korea imported USD 1 billion worth of goods from Vietnam in the reviewed period, marking a trade surplus of USD 3.5 billion with Vietnam.