Vietnam-RoK FTA advantages discussed

(VOVWORLD) -A conference on how to take advantage of the Vietnam-Republic of Korea Free Trade Agreement was held on Wednesday by the Ministry of Industry and Trade and the Korea Trade-Investment Promotion Agency (KOTRA).
Vietnam-RoK FTA advantages discussed  - ảnh 1Le  An Hai of the Department of Asia and Africa Markets, Ministry of Industry and Trade, addressed the conference. (Photo: VNA) 

The agreement, which came into effect in 2015, has opened opportunities for businesses of both countries to access each other’s markets.

Delegates said Vietnamese businesses should pay more attention to product origin, Republic of Korea’s requirements and preferential import tariff. Le  An Hai of the Department of Asia and Africa Markets, said: “The Vietnamese Ministry of Industry and Trade and KOTRA have conducted a study on FTA’s advantages and worked out a mechanism and cooperative framework to offer businesses more information and trade opportunities.”

The Republic of Korea is Vietnam’s 3rd biggest trade partner and has been an important investor in Vietnam over the past decade. Trade revenue reached 62 billion USD last year. Both countries are set to raise trade revenue to 100 billion USD in 2020.