South Korea Parliament Ratifies FTA with Vietnam

Tuan Minh

14:16 01/12/2015

BizLIVE - South Korea’s National Assembly on Monday approved the country’s bilateral free trade agreement with Vietnam.

South Korea Parliament Ratifies FTA with Vietnam

Vietnamese Trade Minister Vu Huy Hoang and his South Korea counterpart signed the VKFTA in May 2015. (Photo:

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.


Từ khóa: fta, vu huy hoang

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