Business
Updating information for Vietnamese exporters on market demand in RoK
The Department of Trade Promotion under the Ministry of Industry and Trade (MoIT) held a workshop in Hanoi on July 14 to introduce advantages from the Vietnam-Korea Free Trade Agreement (VKFTA).
At the event, Vietnamese exporters were provided with updated information on import trends and market demand in the Republic of Korea (RoK), helping maximise opportunities resulting from the agreement and boost exports to the the country.
Bui Kim Thuy, a representative from the Export and Import Department under the MoIT, said the agreement makes great opportunities and tax incentives for exporters but noted that Vietnamese import-export enterprises will need to strictly abide by origin of goods regulations.
According to Pham Khac Tuyen from MoIT’s Asia–Pacific Market Department said that the pact is a great opportunity for Vietnamese businesses. The RoK committed to provide tax cuts, creating export opportunities for key farm and aquatic products such as shrimp, crab, fish, tropical fruits and industrial products such as textiles and wooden and mechanical products.
Especially, Vietnam is the first FTA partner of the RoK allowed to sell special products such as garlic, ginger, honey and sweet potato in the country.
However, the MoIT noted domestic enterprises to comply with the origin rules as committed, avoiding the violation of legal issues related to commercial fraud.
Participants said Vietnam would be able to export other products to the RoK through distributors such as E-Mart, Lotte Mart and trade associations.
It is neccessary for Vietnamese exporters to improve the quality of their products and keep to standards of food sanitation safety and origin in order to join the distribution chain, they also emphasised.
According to statistics from the Department of Trade Promotion, Vietnam exported about 40 different commodities to the RoK in 2014, a year-on-year increase of 7.7%.
With preferential taxes and transparency in technical barriers, the agreement will help enlarge opportunities for Vietnamese exports to the RoK and increase Vietnamese product competitiveness.
Bui Kim Thuy, a representative from the Export and Import Department under the MoIT, said the agreement makes great opportunities and tax incentives for exporters but noted that Vietnamese import-export enterprises will need to strictly abide by origin of goods regulations.
According to Pham Khac Tuyen from MoIT’s Asia–Pacific Market Department said that the pact is a great opportunity for Vietnamese businesses. The RoK committed to provide tax cuts, creating export opportunities for key farm and aquatic products such as shrimp, crab, fish, tropical fruits and industrial products such as textiles and wooden and mechanical products.
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However, the MoIT noted domestic enterprises to comply with the origin rules as committed, avoiding the violation of legal issues related to commercial fraud.
Participants said Vietnam would be able to export other products to the RoK through distributors such as E-Mart, Lotte Mart and trade associations.
It is neccessary for Vietnamese exporters to improve the quality of their products and keep to standards of food sanitation safety and origin in order to join the distribution chain, they also emphasised.
According to statistics from the Department of Trade Promotion, Vietnam exported about 40 different commodities to the RoK in 2014, a year-on-year increase of 7.7%.
With preferential taxes and transparency in technical barriers, the agreement will help enlarge opportunities for Vietnamese exports to the RoK and increase Vietnamese product competitiveness.
