Two-way trade is expected to exceed 100 billion USD by that time thanks to a bilateral free trade agreement, according to a KITA report. South Korean exports to Vietnam have been on the rise over the past decade. Its products accounted for 8.5% of Vietnam's imports in 2007, but the figure hit a record high of 22% last year. The report said that since the Vietnam-South Korea free trade agreement (FTA) came into effect in 2015, South Korea’s exports to Vietnam have grown by 60%  and imports by 61%.