KOTRA-managed center to assist enterprises in benefiting from the Vietnam - South Korea Free Trade Agreement.
The Korea - Vietnam FTA Support Center has been opened in Hanoi to support enterprises from both countries in taking advantage of and overcoming any difficulties from the Vietnam - South Korea Free Trade Agreement (VKFTA).
The new center will be under the management of the Korea Trade - Investment Promotion Agency (KOTRA).
According to Deputy Minister of Industry and Trade Do Thang Hai, the VKFTA presents major opportunities for enterprises from both countries to develop stably. Trade turnover has grown by an average of 23 per cent per year over the last decade. In 2015 South Korea was Vietnam’s third-largest trading partner, with $34.3 billion, an increase of 29 per cent against 2014. South Korea holds advantages in the export of computers, electronic components, machinery, and textiles to Vietnam. Vietnam’s exports to South Korea, meanwhile, are primarily textile products, crude oil, seafood, and wood and wooden products.
Mr. Kim Jae Hong, Chairman of KOTRA, said the new center will support enterprises in implementing articles contained in the FTA and in their exports to China, the US and Europe, which have experienced economic downturns in recent times.
Mr. Hoang Quang Phong, Deputy Chairman of the Vietnam Chamber of Commerce and Industry (VCCI), said that South Korea possesses strengths in technology, capital investment, and modern business management, which will guarantee success in its partnership with Vietnam.
The VKFTA officially took effect on December 20, 2015.