The report suggested that enterprises from the Republic of Korea (RoK) should boost the export of consumer products to Vietnam to maintain the current export growth in this market. The report also noted that the Vietnamese Government’s policy on promoting domestic consumption may create opportunities for RoK businesses.
Vietnam is currently the third largest importer of the RoK. A previous report of KITA showed that RoK exports to Vietnam hit 22.4 billion USD in 2015.
According to the report, 2017 will witness a big change in Vietnam as local consumers’ demand for high quality products is expected to soar, while the RoK’s export of industrial materials and components to Vietnam will drop due to a decline in Vietnam’s exports. It also predicted the spending rate of Vietnam in 2017 will increase 11.5 percent against this year.