A quarter of a century of diplomatic relations between Vietnam and the Republic of Korea (RoK) has yielded substantial progress, especially in investment and trade, said Bui Huy Son, head of the Ministry of Industry and Trade’s Vietnam Trade Promotion Department (Vietrade).

Viet Nam is likely to reach US$70 billion of bilateral trade with South Korea by 2020, an official said at a seminar on export promotion to South Korea held on Friday in HCM City.

The Việt Nam-South Korea Free Trade Agreement, which came into effect in December 2015, has given a big boost to economic ties between the two countries, a Korean diplomat told a seminar in HCM City yesterday

The Korea-Vietnam Free Trade Agreement has been the key driver in Korea’s soaring exports and investment into Vietnam, especially in the foodstuffs and consumer foods sector.

South Korean business executives in a dialogue on June 13 with the HCMC Customs Department complained the prevailing customs regulations are difficult to comply with and requested such rules be further streamlined.

The three-year-old free trade agreement with Vietnam will allow South Korean companies to further increase their auto, steel and petrochemical exports on tax removal or cuts, customs experts said Thursday.

Việt Nam is ready to work with the Republic of Korea (RoK) to effectively implement the bilateral free trade agreement (FTA), boosting their trade to US$70 billion, perhaps even $100 billion, by 2020.

Việt Nam is ready to work with the Republic of Korea (RoK) to effectively implement the bilateral free trade agreement (FTA), boosting their trade to US$70 billion, perhaps even $100 billion, by 2020.

In terms of customs and trade facilitation, commitments on customs procedures and cooperation and legal provisions will be a bridge for customs authorities to access new standards and use modern methods for more efficient and proactive customs management

A Vietnam-Korea FTA Support Center was inaugurated in HCMC last Friday (4thMarch 16) as one of two such facilities in Vietnam the Korean government had decided to form under the Korea Trade-Investment Promotion Agency (KOTRA).