The Ministry of Industry and Trade said the FTA will contribute to strengthen trade and investment cooperation between Vietnam and RoK.
The two countries will set up a ministerial level joint committee and subcommittees on goods trade, customs, trade defence, sanitary and phytosanitary (SPS) measures and technical barriers to trade (TBT) to accelerate the implementation of the agreement.
Bilateral trade between Vietnam and the RoK has rised 57 folds in the past decades, from 500,000 million USD in 1992 to 28.8 billion USD in 2014.
Two-way trade value saw an increase of 5.7% since 2013, with Vietnam’s export to the RoK reaching 7.1 billion USD, up 7.9% and its import at 21.7 billion USD, up 5%.
In 2014, the RoK is the third largest trade partner of Vietnam, after China and the US, while Vietnam is the RoK’s sixth largest export market.
The Ministry of Planning and Investment said, as of October 20 this year, the RoK is the biggest investor among 105 nations and territories doing business in Vietnam, with 4,777 projects worth 43.6 billion USD in total.
The RoK projects are mainly concentrated on industrial processing and manufacturing, real estate, retail and wholesale, and construction, with total investment exceeding 5 billion USD.
At present, nearly 3,000 RoK enterprises have been operating in Vietnam, creating jobs for more than 400,000 labourers.
According to the General Department of Customs, in the first 11 months of this year, bilateral trade reached 33.6 billion USD, a year-on-year rise of 27.6%. The figure is estimated to hit 33.6 billion USD in 2015, up 27.2% against last year.
The two countries will set up a ministerial level joint committee and subcommittees on goods trade, customs, trade defence, sanitary and phytosanitary (SPS) measures and technical barriers to trade (TBT) to accelerate the implementation of the agreement.
Bilateral trade between Vietnam and the RoK has rised 57 folds in the past decades, from 500,000 million USD in 1992 to 28.8 billion USD in 2014.
Free trade agreement will contribute to investment cooperation between Vietnam and RoK.
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In 2014, the RoK is the third largest trade partner of Vietnam, after China and the US, while Vietnam is the RoK’s sixth largest export market.
The Ministry of Planning and Investment said, as of October 20 this year, the RoK is the biggest investor among 105 nations and territories doing business in Vietnam, with 4,777 projects worth 43.6 billion USD in total.
The RoK projects are mainly concentrated on industrial processing and manufacturing, real estate, retail and wholesale, and construction, with total investment exceeding 5 billion USD.
At present, nearly 3,000 RoK enterprises have been operating in Vietnam, creating jobs for more than 400,000 labourers.
According to the General Department of Customs, in the first 11 months of this year, bilateral trade reached 33.6 billion USD, a year-on-year rise of 27.6%. The figure is estimated to hit 33.6 billion USD in 2015, up 27.2% against last year.
