Trade pact with RoK marks happy third birthday

09:32 | 22/11/2017 Cooperation Follow Ven.vn on

(VEN) - Nearly three years after the free trade agreement between Vietnam and the Republic of Korea (KVFTA) took effect, trade between the two countries has grown.

trade pact with rok marks happy third birthday

Vietnamese footwear products sell well in the RoK

At a recent workshop aimed at helping Vietnamese businesses take advantage of the KVFTA, Bui Huy Son, Director of the Ministry of Industry and Trade’s Vietnam Trade Promotion Agency (Vietrade), said bilateral trade in products for which Vietnam and the RoK pledged to cut taxes has grown.

“Bilateral trade between Vietnam and the RoK reached US$45.09 billion in the first nine months of 2017, a nearly 87-fold increase compared with two decades ago, and is expected to reach US$70 billion by 2020,” Bui Huy Son said.

According to Han Kyung Joon, Deputy General Director of the Korea Trade-Investment Promotion Agency (Kotra) in Hanoi, bilateral trade increased from US$37.5 billion in 2015 to US$45.1 billion in 2016.

Tax preferences

Pham Cong Thach, Director of the Hanoi Trade Corporation (Hapro), said the KVFTA has contributed to boosting trade between the two countries. However, he added, Vietnamese businesses still lack information about the tariff preferences and related procedures under the agreement. They have encountered numerous difficulties in introducing Vietnamese goods into South Korean distribution networks. Moreover, Vietnamese companies are having trouble meeting the strict requirements of South Korean partners in terms of origin of goods. “Carrot exporters must show soil testing certifications. However, it’s difficult to get sample soil for testing when the carrot’s natural season is over,” Pham Cong Thach said, citing one example.

Bui Huy Son emphasized that most distribution networks in the RoK are handled by local businesses. Therefore, Vietnamese companies should seek ways to penetrate South Korean distribution networks. Sharing this opinion, Tran Kim Oanh, Director of Vietrade’s Industry and Trade Development and Investment Promotion Center, advised domestic businesses to concentrate on manufacturing products that are offered tax preferences under the KVFTA, such as wood products, rubber, fruit and vegetables, textiles and garments, footwear, yarns and fibers, and materials for textile, garment and footwear production.

Park Chul Ho, General Director of Kotra in Hanoi, said Vietnamese businesses should be aware of preferences offered by the KVFTA, as well as procedures required to enjoy these preferences.

Vietrade Director Bui Huy Son: To penetrate the South Korean market, businesses need to seek information about the KVFTA and take the initiative in improving product quality.

Hoa Quynh

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