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Vietnam-korea bilateral trade: Current situation and prospects

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This paper analyzes the patterns and trends in the trade relations between the two countries in the past over twenty years. Various trade indices such as Trade intensity, Trade complementarities, Intra industry and Revealed comparative advantages were used to describe the structure and composition in the Vietnam-Korea bilateral trade. The study results show that trade pattern between Vietnam and Korea is predominantly inter-industry trade and complementary. The main findings also suggest that there is significant potential for further growth of trade between two countries. | Hue University Journal of Science ISSN 1859-1388 Vol. 113, No. 14, 2015, pp. 51-63 VIETNAM-KOREA BILATERAL TRADE: CURRENT SITUATION AND PROSPECTS PhanThanhHoan* College of Economics, Hue University Abstract: Vietnam-Korea relation has been rapidly deepened in all fields, especially trade and investment since the establishment of diplomatic ties between the two countries in 1992. This paper analyses the patterns and trends in the trade relations between Viet Nam and Korea over the past twenty years. Various trade indices such as trade intensity, trade complementarities, intra-industry and revealed comparative advantages were used to describe the structure and composition in the Vietnam-Korea bilateral trade. The study results show that the predominant trade pattern between Vietnam and Korea is inter-industry trade and complementary. The main findings also suggest that there is significant potential for further growth of trade between the two countries. JEL code: F10, F13, F14 Keywords: bilateral trade, trade pattern, intra-industry trade, revealed comparative advantage, Korea, Vietnam 1 Introduction Vietnam-Korea relation has developed considerably since the establishment of diplomatic ties between the two countries in 1992. The relationship has been rapidly deepened in all fields such as political and economic, social and cultural, trade and investment, education and people-topeople exchanges. During a short period of two decades, there was great progress in the bilateral relations. The trade volumes increased 74 folds from about US$ 500 million in 1992 to approximately US$ 37 billion in 2015. The average annual growth rate of Vietnam’s imports from Korea was about 25 percent, whereas Vietnam’s exports to Korea increased at an average growth rate of nearly 19 percent per annum during the period 1992-2015 (table 2). Korea has been one of Vietnam’s top trading partners since 1992; specifically it is the second largest import market and fourth largest export .