Since the 16th century, economists like Adam Smith and David Ricardo have argued

that international trade benefits both exporting and importing countries. This remains
true today, particularly when domestic production exceeds demand. Imports play a
crucial role in national economic development by diversifying goods, meeting consumer
needs, and facilitating global trade flow. South Korea, a rising economic power, has
seen significant changes in its import policy and direction. Recent years have
witnessed: Total imports climbed to record highs in 2023, highlighting a strong shift.
Imports increasingly involve high-tech goods and consumer products, indicating a focus
on quality and diversification. South Korea is looking beyond traditional markets like the
US and EU, actively engaging with developing countries like Vietnam. Vietnam's
increasing exports to South Korea present both exciting opportunities and potential challenges.
Adapting export policies and enhancing production capacity are crucial for Vietnam to capitalize
on this growing trade relationship and secure future success in the global market.

1.1
Importing involves buying or transferring goods from another country (or economic
zone) - raw materials, components, or finished products. Similar to exports, it uses
money as payment and can involve selling to customers or intermediaries.
Imports play a strategic role in modernization and industrialization.
Accelerating economic restructuring
Timely supplementation of domestic needs
Improvement and enhancement of the quality of goods
Promote bilateral and multilateral economic relations, contributing to enhancing the country's
position in the international market
Help improve effective economic policies and management mechanisms

1.2

There are 3 forms of import:

Direct Import: Buyer and seller deal directly, saving costs and allowing fast problem-
solving.

Indirect Import: Intermediaries like agents or brokers handle transactions, reducing risk
for new businesses but introducing commission fees and reduced flexibility.
Processing Order: A party (processee) imports materials for a processor to turn into
finished products, promoting international experience and creating jobs but offering
lower remuneration and potential cultural clashes.

Next, we’ll discuss the content of import:

first is Regulations and Laws: A constantly updated legal framework for import
regulations is crucial for the efficiency, legality, and protection of domestic industries
while complying with international standards.

Second, International Economic Integration: Taking advantage of free trade agreements

reduces barriers and offers cheaper goods for consumers, boosting relations and
development.

Finally, Import Strategies: Developing comprehensive import strategies ensures

domestic supply, manages risks and protects domestic production.

1.3

There are a lot of factors affecting the import of goods:

-Factors from the Importing Country:

 Economic Development: .
 Import Demand and Policy:

-Factors from the Exporting Country:

 Leadership Awareness
 Production and Export Potentials
 Enterprise Competitiveness:

2.1

2.1.1 General Situation:

 South Korea's imports have generally grown since 2015, reflecting economic
development and diversification needs.
  Before COVID-19, import value peaked in 2018 but dipped in 2020 due to supply
chain disruptions.
 Post-pandemic, imports surged from $468 billion in 2020 to $731 billion in 2022,
reflecting strong GDP growth.
 Major imports focus on high-tech products, cars, and raw materials like oil and
steel.

2.1.2 Import Partners:

 South Korea adapts to changing trade policies with partners.

 Main partners remain stable: China, Japan, US, Germany, Saudi Arabia, Taiwan,
Qatar, Australia, Russia, Vietnam.
 China leads as the biggest importer, followed by Japan, US, and Germany.
 US imports focus on oil and machinery, affected by global energy crisis in 2023.
 Vietnam's exports to South Korea rise due to trade agreements and competitive
prices.

2.1.3 Import Items:

 Top imports: crude oil, integrated circuits, petroleum gas, refined petroleum, and
photo lab equipment.
 Electrical machinery and electronics lead imports due to South Korea's role in
global supply chains.
 Mineral fuels dominate due to reliance on energy imports.
 Machinery imports reflect continuous industrial infrastructure upgrades.
 Medical and cultural equipment imports show focus on healthcare and
entertainment.
 Car imports indicate demand for foreign brands and complement domestic
production.
 Ore, slag, and iron/steel support South Korea's heavy industry and infrastructure.
 Organic chemicals and plastics highlight domestic production needs and
consumer demand.

2.2. Assessment of the import situation of goods in the period of 2015 - 2023 of South Korea
-Results:Despite the pandemic, South Korea's import turnover has surged thanks to the CPTPP
trade agreement and diversification of suppliers, encompassing both traditional high-tech goods
and consumer items like food and appliances.
-Residual limitations:
• Resource Dependence
• Trade Deficits
• Domestic Competition
• Currency Fluctuation