Vietnam: Report on the situation of import and export of agricultural, forestry, and fishery products to South Korea

Published 2021년 10월 12일

Tridge summary

The Bank of Korea forecasts South Korea's potential growth rate for 2021-2022 at 2%, due to the COVID-19 pandemic, a shrinking working-age population, and increasing household debt. The country is planning to increase self-sufficiency in staple foods, with a goal to increase the self-sufficiency rate of wheat to 5% by 2025 and legumes to 33% by the end of 2021. The Ministry of Agriculture, Food and Rural Affairs also plans to buy 350,000 tons of rice this year to achieve these goals. Meanwhile, exports of wood and wood products from Vietnam to South Korea saw a decrease of 7.8% in August 2021, compared to the same period in 2020.

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Original content

Source: Institute of Policy and Strategy for Rural Development (IPSARD) The Bank of Korea (BoK) on September 13, 2021 said that the COVID-19 pandemic will reduce South Korea's potential growth in the period 2021-2022 by 0.2%, to only 2%. South Korea's potential growth rate, considered the maximum that the economy can grow without causing inflation, has been steadily declining due to a shrinking working-age population and household debt. family increased. The International Monetary Fund (IMF) estimates South Korea's potential growth for 2021-2022 at 1.8%, while the Organization for Economic Co-operation and Development (OECD) projects growth of Asia's fourth-largest economy at 2.4%. The BoK predicts the Korean economy will grow by 4% this year. The disruption of international trade amid the COVID-19 pandemic has raised concerns about national food security. South Korea is planning to increase self-sufficiency in staple foods to help sustainably develop the domestic agricultural ...

Source: AgroInfo.vn