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Vietnam and Korea strengthens cooperation on trade

Tuesday, 15 December 2015

Free Trade Agreement between South Korea and Vietnam was duly signed in May, 2015. In order to enhance  mutual trade cooperation, Vietnam Trade Promotion Agency (Ministry of Industry and Trade) in collaboration with Korean Trade and Investment organization (KOTRA) to organize the event “Exhibition and Business Match-Meeting between Vietnam and Korea” at Lotte Hotel, Hanoi from December 2nd - 3rd, 2015.
 


H.E. Mr. Do Thang Hai - Deputy Minister of Ministry of Industry and Trade, H.E.Mr. Jun Dea Joo, General Consular of the Republic of Korea, Mr. Yoon Hyochoon, Deputy Chairman of KOTRA, Chairman of Vietnam Chamber of Commerce and Industry participated in the event and started the opening ceremony.



At the event (Photo: vietrade)
 

More than 40 Korean enterprises and 400 Vietnamese enterprises joined the event. Korean products exhibited include: cosmetics, food, beverages, textile and apparel, pharmaceuticals-medical equipment, electric-electronics equipment, machineries for agricultural production. These are products included in the process of tariff elimination within the framework of Vietnam - Korea FTA.

 

The signing of Vietnam - Korea FTA has offered great opportunities for the two-way trade. According to the statistics of Ministry of Industry and Trade, in 2014, the Republic of Korea was the 3rd largest trade partner of Vietnam, the 2nd largest importer of Vietnam with two-way trade value reaching US$ 29 billion.

 

Resulting from this FTA, around 11,679 tariff lines (accounting for 95.44% of tariff codes) from Korea will be eliminated, while Vietnam will eliminate 8,521 tariff lines (accounting for 89.15% of tariff codes).

 

In terms of investment, in 2014, total newly registered and increase of capital of Korean enterprises reached US$7.32 billion, accounting for 36.2% of total investment capital in Vietnam. Large Korean corporations have invested and constructed factories in Vietnam such as Samsung, Lotte, Keangnam, LG…
 

Van Hai (Source: vietrade.gov.vn)

 

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