Vietnamese Trade Minister Vu Huy Hoang and his South Korea counterpart signed the VKFTA in May 2015. (Photo: moit.gov.vn)
South Korea’s National Assembly passed a free trade agreement (FTA) with Vietnam on November 30, nearly seven months after the two governments signed the pact in Hanoi, the Yonhap News Agency reported.
Under the Korea-Vietnam FTA, the Southeast Asian country will completely remove its import duties on 89.9% of all products from South Korea over a 15-year period following its implementation.
The Northeast Asian country, meanwhile, will do the same on 95.4% or 11,668 out of the total 12,232 products imported from Vietnam.
Once the FTA is enacted, trade exchange between the two countries could reach $70 billion by 2020, Vietnamese Minister of Trade Vu Huy Hoang said in May.
Bilateral trade reached $30.65 billion in the first ten months of this year, rising 29% from a year earlier, of which Vietnam had a trade deficit of $15.84 billion with South Korea, according to data of the General Department of Vietnam Customs.
On the same day, the National Assembly also approved bilateral FTAs with New Zealand and China.