South Korea logged its largest trade surplus last year with Vietnam for the first time.

According to the Ministry of Trade, Industry and Energy on Wednesday, the country’s shipments to Vietnam totaled 60-point-98 billion dollars last year, while imports from the Southeast Asian nation came to 26-point-72 billion dollars, resulting in a trade surplus of 34-point-25 billion dollars.

The surplus exceeds that of trade with other countries, surpassing the United States with a positive balance of 28 billion dollars, followed by Hong Kong and India.

Last year’s sharp rise in the surplus from Vietnam is attributed to an increase in investment and cooperation between the two countries in various areas as they observed the 30th anniversary of the establishment of diplomatic relations.

South Korea’s exports to the U.S. increased by 14-point-five percent on-year in 2022, expanding for the sixth consecutive year since 2017 and surpassing 100 billion dollars for the first time.

Hong Kong, which was the country’s largest trade surplus partner from 2019 to 2021, slipped to third place last year.

Source: KBS World Radio