HCMC – A Vietnam-Korea FTA Support Center was inaugurated in HCMC last Friday (4th March 16) as one of two such facilities in Vietnam the Korean government had decided to form under the Korea Trade-Investment Promotion Agency (KOTRA).
The establishment of one center in HCMC and another in Hanoi aims to help Korean and Vietnamese investors benefit from the Free Trade Agreement (FTA) between the two nations.
Vietnamese and Korean firms can also ask for free information about tax incentives in the FTA such as tariff reduction and exemption roadmaps for specific products and certification of goods origin, and non-tariff barriers like testing and technical standards in the Korean market.
Korean investors who are implementing their investment projects in Vietnam or planning to come to Vietnam for business will be provided with essential information about tax incentives.
Speaking at the opening ceremony of the support center, Roh Inho, vice president of KOTRA, said the two centers will show enterprises how to implement the Vietnam-Korea FTA and provide one-on-one advice for businesspeople to solve tax issues.
Roh Inho said if enterprises and trade promotion agencies in both Vietnam and Korea work together, the two countries would be able to raise two-way trade to US$70 billion by 2020.
Lee Ho Dong, director of the Korea Ministry of Trade, Industry and Energy (MOTIE), said the centers will provide information about non-tariff barriers like testing for firms active in export and import operations.
KOTRA in HCMC last Friday signed a memorandum of understanding (MOUs) with the Saigon High-Tech Park to cooperate in advanced technology and another with the HCMC Investment and Trade Promotion Center (ITPC) to provide effective services for enterprises from the two countries.