At the event (Photo: VNA) Hanoi (VNS/VNA) – Korean businessesinvesting in Vietnam can capitalise on preferential treatment under freetrade agreements (FTAs) that Vietnam has signed to boost exports, an officialhas said.
Vu Viet Nga, Deputy Director of the East AsiaDivision under the Department of Asia-Africa Markets at the Ministry ofIndustry and Trade, was speaking during a teleconference held in Hanoi onDecember 2.
Themed “Vietnam-Korea Investment Connection”,the event was co-organised by the Vietnam Trade Promotion Agency, theDepartment of Asia-Africa Markets under the Ministry of Industry and Trade andthe Korea Trade-Investment Promotion Agency (KOTRA), with the aim to introduceand update information about investment opportunities and trends of Koreanenterprises in Vietnam, as well as introducing investment environment inlocalities.
Vietnam has signed 14 free trade agreements,which are ATIGA, RCEP, CPTPP, ASEAN-India, ASEAN-Australia-New Zealand, ASEAN- Korea,ASEAN-China, ASEAN-Japan, ASEAN-Hong Kong, Vietnam-Chile, Vietnam-Japan, Vietnam-Korea,Vietnam- Eurasian Economic Union and Vietnam-EU, said Nga.
“In the 2016-2020 period, most tariff linesunder the FTAs have entered the period of being deeply cut or completelyremoved,” she told Vietnam News.
“Foreign enterprises, including Korean firms,can make full use of much-touted benefits of those FTAs to increase exportrevenue as well as expand export markets, she said.
“But to be able to enjoy preferential tariffsunder FTAs, the products must meet requirements under the rules of origin.”
Goods eligible for preferential treatmentunder FTAs have to meet general or product-specific rules of origin, and haveappropriate documentation, known as the certificate of origin (C/O).
Each FTA has its own certificate of originform, she said.
“Vietnam has a safe and stable investmentenvironment, fast and sustainable economic growth as well as young and low-costhuman resources. The country has done a good job in controlling COVID-19.
“To attract foreign investment, Vietnam hascontinuously reformed and simplified administrative procedures and policies,offering a large number of incentives in corporate income tax and import tax,”Nga said.
According to statistics in 2019, the wholecountry has 326 industrial parks and 17 coastal economic zones concentrated inbig cities such as Hanoi, HCM City, Bac Ninh, Dong Nai, Binh Duong, Long An, BaRia-Vung Tau, Can Tho, Da Nang.
Nga added: “The road traffic system has beenupgraded and expanded, highways are better developed to make trade betweenprovinces and economic regions easier, as well as facilitating the transport ofraw materials.
"In addition, with 49 seaports, 8airports and 23 border gates, Vietnam is currently an international cargotranshipment hub in the Asia-Pacific region."
Since establishing diplomatic relations in1992, Vietnam and the RoK have strongly developed in all fields of politics,defense, security, economy and culture, said Hoang Minh Chien, Deputy Directorof the Ministry of Industry and Trade's Vietnam Trade Promotion Agency(Vietrade).
“The strategic cooperation partnership istightened closer with the signing of the Vietnam-Korea Free Trade Agreement(VKFTA) on May 5, 2015," Chien said.
"Under the trade deal, the two sides hadgiven each other many incentives in goods, services and investment, creatingthe driving force for growth in trade and investment cooperation.”
As of October this year, the total registeredcapital of Korean businesses in Vietnam reached 70.4 billion USD with 8,900projects. This year, the RoK has been pouring into 530 projects in Vietnama total capital investment of 3.4 billion USD, said Lee Jong Seob, President ofthe Korea Trade-Investment Promotion Agency (KOTRA) in Southeast Asia-Oceaniacum General Director of KOTRA in Hanoi.
Even amid the COVID-19 pandemic, the numberof Korean expats working in Vietnam has reached 10,000, which expressedthe readiness of Korean businesses when investing in Vietnam, he said./.
Vu Viet Nga, Deputy Director of the East AsiaDivision under the Department of Asia-Africa Markets at the Ministry ofIndustry and Trade, was speaking during a teleconference held in Hanoi onDecember 2.
Themed “Vietnam-Korea Investment Connection”,the event was co-organised by the Vietnam Trade Promotion Agency, theDepartment of Asia-Africa Markets under the Ministry of Industry and Trade andthe Korea Trade-Investment Promotion Agency (KOTRA), with the aim to introduceand update information about investment opportunities and trends of Koreanenterprises in Vietnam, as well as introducing investment environment inlocalities.
Vietnam has signed 14 free trade agreements,which are ATIGA, RCEP, CPTPP, ASEAN-India, ASEAN-Australia-New Zealand, ASEAN- Korea,ASEAN-China, ASEAN-Japan, ASEAN-Hong Kong, Vietnam-Chile, Vietnam-Japan, Vietnam-Korea,Vietnam- Eurasian Economic Union and Vietnam-EU, said Nga.
“In the 2016-2020 period, most tariff linesunder the FTAs have entered the period of being deeply cut or completelyremoved,” she told Vietnam News.
“Foreign enterprises, including Korean firms,can make full use of much-touted benefits of those FTAs to increase exportrevenue as well as expand export markets, she said.
“But to be able to enjoy preferential tariffsunder FTAs, the products must meet requirements under the rules of origin.”
Goods eligible for preferential treatmentunder FTAs have to meet general or product-specific rules of origin, and haveappropriate documentation, known as the certificate of origin (C/O).
Each FTA has its own certificate of originform, she said.
“Vietnam has a safe and stable investmentenvironment, fast and sustainable economic growth as well as young and low-costhuman resources. The country has done a good job in controlling COVID-19.
“To attract foreign investment, Vietnam hascontinuously reformed and simplified administrative procedures and policies,offering a large number of incentives in corporate income tax and import tax,”Nga said.
According to statistics in 2019, the wholecountry has 326 industrial parks and 17 coastal economic zones concentrated inbig cities such as Hanoi, HCM City, Bac Ninh, Dong Nai, Binh Duong, Long An, BaRia-Vung Tau, Can Tho, Da Nang.
Nga added: “The road traffic system has beenupgraded and expanded, highways are better developed to make trade betweenprovinces and economic regions easier, as well as facilitating the transport ofraw materials.
"In addition, with 49 seaports, 8airports and 23 border gates, Vietnam is currently an international cargotranshipment hub in the Asia-Pacific region."
Since establishing diplomatic relations in1992, Vietnam and the RoK have strongly developed in all fields of politics,defense, security, economy and culture, said Hoang Minh Chien, Deputy Directorof the Ministry of Industry and Trade's Vietnam Trade Promotion Agency(Vietrade).
“The strategic cooperation partnership istightened closer with the signing of the Vietnam-Korea Free Trade Agreement(VKFTA) on May 5, 2015," Chien said.
"Under the trade deal, the two sides hadgiven each other many incentives in goods, services and investment, creatingthe driving force for growth in trade and investment cooperation.”
As of October this year, the total registeredcapital of Korean businesses in Vietnam reached 70.4 billion USD with 8,900projects. This year, the RoK has been pouring into 530 projects in Vietnama total capital investment of 3.4 billion USD, said Lee Jong Seob, President ofthe Korea Trade-Investment Promotion Agency (KOTRA) in Southeast Asia-Oceaniacum General Director of KOTRA in Hanoi.
Even amid the COVID-19 pandemic, the numberof Korean expats working in Vietnam has reached 10,000, which expressedthe readiness of Korean businesses when investing in Vietnam, he said./.
VNA
