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Vietnam Today

Vietnam and South Korea sign FTA

Released at: 15:38, 05/05/2015

Vietnam and South Korea sign FTA

Pen put to paper today after more than two years of negotiations.

by Son Ho

The Vietnam - South Korea Free Trade Agreement (VKFTA) was officially signed today in Hanoi.

Minister of Industry and Trade Vu Huy Hoang and South Korea's Minister of Trade, Industry and Energy Yoon Sang-jick signed the agreement in the presence of Prime Minister Nguyen Tan Dung.

After more than two years and eight formal negotiations and eight rounds of negotiations between the Heads of Delegation along with mid-term negotiations, the two countries signed off on the entire content of the agreement.

The VKFTA will take effect from the first day of the second month after both sides complete internal procedures and announce such via diplomatic channels. It could also come into effect on another day if the two sides agree.

The FTA contains a range of commitments and ensures benefits are balanced. It consists of 17 chapters, 208 articles, 15 appendices, and enforcement provisions.

The main contents include Trade in Goods, Trade in Services (including an Annex on telecommunications services, financial services, and the movement of citizens), Investment, Intellectual Property Rights, Sanitary and Phytosanitary Measures (SPS), Rules of Origin, Customs Facilitation, Trade Remedies, Technical Barriers to Trade (TBT), E-commerce, Competition, Economic Cooperation, Institutions, and Legal Affairs.

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