Vietnam - Korea Free Trade Agreement signed

The Vietnam - Korea Free Trade Agreement has been signed successfully between representatives of Vientam and South Korea on May 5. The agreement has a significant meaning in the development of Vietnam economy and society in the region.

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With the participation of Vietnam Prime Minister Nguyen Tan Dung, on May 5 morning, Mr. Vu Huy Hoang - Minister of Industry and Trade and Mr. Yoon Sangjick - South Korean Minister of Commerce - Industry - Energy, representatives of two countries signed the Vietnam - Korea Free Trade Agreement. After more than two years with eight official negotiation rounds, and eight negotiations between heads of delegations and mid-term negotiations, Vietnam and Korea agreed all the content of Vietnam - Korea Free Trade Agreement. As being a comprehensive, high-commitment, and having equal benefits, the Free Trade Agreement between Vietnam and Korea consists of 17 Chapters, 208 Articles, 15 Appendix, and one Terms of enforcement and regulation.

Main content of Vietnam - Korea FTA includes Merchandise Trade, Service Trade (including the Appendix on Telecommunications, Finance...), Investment, Intellectual Property, Sanitary and Phytosanitary Solutions (SPS), Rules of Origin, Custom Facilitation, Trade Defense, Technical Barriers in Trade (TBT), E-commerce, Competition, Economic Cooperation, Institutions, and Legislation. Vietnam - Korea Free Trade Agreement, the first FTA among bilateral FTAs between Vietnam and other economic partners, was basically completed negotiations in 2014, and officially signed in 2015.

With content agreed, it is expected that the agreement would bring a positive impact in many ways on Vietnam economy. In terms of economy, trade, and investment, the signing of the Agreement will help to further improve Vietnam business environment, allocation, and use of social resources more efficiently. Thereby, it accelerates the process of restructuring the economy towards the orientation of higher value added and goals of a sustainable development. Vietnam export products will have more opportunities at new markets by dint of the commitment of Korea on opening market. The transparent and easy legal environment will contribute to encourage Korean investment in Vietnam, along with high technology, advanced management skills, and opportunities to access the third markets.

During the negotiations, two sides agreed the content of commitment on economy. Accordingly, Korea supports Vietnam in improving the the ability of establishment and implementation of policies, competitiveness of Korean strengths which meet the demands of Vietnam such as agriculture, seafood, forestry, electronic industry, oil refinery, and support industry... Also, according to the joint research conducted by the two parties, along with comprehensive content, Vietnam Korea Free Trade Agreement is also expected to bring positive social benefits. This Agreement will create more employment opportunities for Vietnam labor, raise incomes, especially of unskilled labor group, unskilled employees, and contribute to reduction of rural poverty.

The signing of the agreement is a specific step performing active integration strategy, especially international economic integration, supporting the restructuring and implementation of industrialization and modernization of the country. At the same time, the agreement contributed actively to developing Vietnam - Korea strategic partnership, towards sustainable direction, maintaining and promoting a peaceful and stable environment in the region. After the signing ceremony, the two countries will carry out the procedures of approving under legal regulations of each country. Under the commitment, the Agreement shall take effect on the first day of the 2nd month since the date when both parties notify in writing through diplomatic channels on the completion of internal procedures or from any other day that the two sides agree.