Viet Nam's consumer market key to growth in Korean exports: report
Viet Nam's consumer market key to growth in Korean exports: report
South Korea must work to boost shipments of consumer goods to Viet Nam to maintain the growth of its exports to the world's third-largest destination for South Korean goods, a report said Thursday.
The report from the Korea International Trade Association noted Viet Nam's own exports were expected to shrink following the election of Donald Trump as the next US president, suggesting South Korea's exports of industrial parts and materials to Viet Nam may dwindle in turn.
"While Viet Nam's economic growth in 2017 is expected to fall short of a 6 percent increase as earlier predicted due to the outcome of the US election, the Vietnamese government's policy to expand local consumption is expected to provide a new opportunity to South Korean firms," the report said.
It added Viet Nam's consumer spending was expected to spike 11.5 percent on-year to $117.4 billion next year.
