Vietnam, RoK enhance trade relations

08:15 | 02/07/2015 Cooperation Follow Ven.vn on

Vietnamese enterprises will have more opportunities to promote the export of further high-quality products to the Republic of Korea (RoK), boosted by the Vietnam-RoK Trade Connectivity Conference held on June 25 in Ho Chi Minh City.

Garment-textile for exports (Photo: VNA)

Cooperation between Vietnam and the RoK has broadened in various fields after the free trade agreement (FTA) between the two countries was inked on May 5, said Moon Byung Cheol, a representative from the RoK Consulate General in HCM City, adding that two countries are striving to increase trade revenue to 70 billion USD by 2020.

At the event, he highlighted that there will be tax exemptions and improvements in trade and service procedures thanks to the signed free trade deal.

In the past few years, enterprises from the RoK have made great contributions to the city’s economic growth. The RoK is the fourth largest capital investor to the city with key projects in processing, manufacturing, hi-tech complexes, real estate, construction, restaurant service, communications and retail sales.

Ho Xuan Lam, Vice Director of the Investment and Trade Promotion Centre of Ho Chi Minh City, said the free trade deal will create an impetus for RoK enterprises to enhance their investment and operations in Vietnam and Ho Chi Minh City in particular.

He said that Vietnam needs to proactively carry out promotion campaigns in the RoK with the focus on Vietnamese farm produce, forest products and seafood.

According to the FTA, made-in-Vietnam products will have a competitive advantage over regional competitors as the RoK pledges to liberalise 95 percent of its import tariffs, including the ones levied on key Vietnamese agricultural products.

Meanwhile, Vietnam will cut nearly 90 percent of taxes on RoK products, comprising industrial commodities and materials for domestic production. This will help the country limit its material dependence on foreign countries./.

Source: VNA

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