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).

The Vietnam-Eurasian Economic Union Free Trade Agreement (VN-EAEU FTA) has created a strong momentum for economic and trade ties among the signatories, said EAEU diplomats.

Vietnamese exporters of fruits and vegetables must improve hygienic standards of their products to avoid technical barriers imposed by the EU market, experts said at a meeting held on Monday in HCM City.

The Vietnam-Eurasian Economic Union Free Trade Agreement (VN-EAEU FTA) is of great importance to Russia since it is a leading economy in the EAEU, said a Russian expert.

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.

Vietnam’s shrimp exports to the EU market reached 483.6 million USD in the first eight months of this year, a rise of 30 percent over the same period last year, making the EU the top market of Vietnamese shrimp, the place which was earlier held by Japan.

Experts feel the Vietnam-European Union (EU) free trade agreement (FTA), which may tentatively be ratified by early 2018, will allow Vietnam to consolidate its position as a leading exporter to the EU. After the deal takes effect, 71 per cent of Vietnamese exports to the EU will be duty free while other tax lines will be dropped in the following seven years.

A top European trade official warned Friday that a free trade pact with Vietnam could be scuppered if the communist country fails to address rights issues, saying the matter was central to ongoing talks.

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 Department of Export and Import under the Ministry of Industry and Trade (MoIT) said this is towards ensuring safety for the environment and sustainable and effective economic development.