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Food and auto market in Vietnam bright for Korean makers next year: KOTRA

Collected: 2017.12.21

Distributed: 2017.12.22

Source: Go Direct

South Korean shipments of condiments and beverages to Vietnam would jump once the remaining 10 percent tariffs on them are completely removed from next year under the two-year-old free trade agreement with the Southeast Asian country, according to a study by the Korea Trade-Investment Promotion Agency (KOTRA).

Korean companies will be better positioned with zero tariffs in the condiment market estimated to grow 25 percent to 32 percent over the next two years, it said.

The same goes for beverages.

Coffee makers are also a promising consumer item amid fast westernization of lifestyle in Vietnam. According to global research firm BMI Research, Vietnamese home appliance market expanded 9.7 percent on average from 2013 to 2016. The country’s per-person coffee consumption jumped from 0.43 kilogram in 2005 to 1.38 kilograms in 2015 and likely reach 2.6 kilograms by 2021.

Demand for imported motor vehicles will also gain impetus on tax breaks and removal of tariffs for assembled cars among ASEAN members next year, the study said.

Bilateral trade jumped 23.7 percent in 2015 and 20.1 percent last year.

By Woo Je-yoon and Cho Jeehyun

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