Seoul (VNA) – The National Assembly of the Republic of Korea (RoK) ratified the country’s free trade agreement (FTA🥀) with Vietnam on November 30.
Under the FTA signed in Hanoi in May 2015, Vietnam will remove import tariffs on 89.9 percent of goods hailing from the RoK within 15 years since the pact’s enforcement. Meanwhile, the RoK will eliminate import tariffs on 95.4 percent of the Vietnamese products.
The RoK is committed to reducing tariff lines to create more opportunities for Vietnam’s staple agro-fishery exports such as shrimp, fish and fruits, along with industrial products like textile and garments, wood and mechanical products.
Meanwhile, the Southeast Asian country will cut down on most of tariff lines on apparel materials, footwear, leather, engine, automobile components and spare parts, plastic materials, and machinery imported from the RoK.
The FTA comprises 17 chapters, 208 articles, 15 appendices and one agreement on regulation implementation. It covers trade in goods, trade in services, investment, intellectual property, sanitary and phytosanitary measures, rules of origin, customs facilitation, trade remedies, competition, economic cooperation, and institutional and legal matters.
Trade between the countries have thrived in recent years, shooting up from 500 million USD in 1992 to over 26 billion USD in 2014 – an annual pace of some 20 percent.
Also on November 30, the RoK National Assembly ratified the country’s FTAs with New Zealand and China.-VNA
The Vietnam – Republic of Korea Free Trade Agreement (VKFTA) signed on May 5 reflects a high level of commitment from both sides and is set to both challenge and benefit the Vietnamese economy in the future.
Minister of Industry and Trade Vu Huy Hoang spoke to the Vietnam Government Portal on how Vietnam can make use of the free trade agreement signed with the Republic of Korea in Hanoi on May 5.
Vietnam could export 10,000 tonnes of shrimp products to the Republic of Korea at zero percent tax thanks to the free trade agreement (FTA) signed between the two countries in May 2015 and expected to take effect in 2016.
This is seen as a huge advantage for the Vietnamese shrimp sector since rivals from Thailand, Indonesia, and India still have to pay import tariff at 20 percent when shipping the products to the RoK.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
Dung underlined several key objectives, including a comprehensive review of the legal framework governing SOEs, and called for updates that reflect international standards and support modern, transparent governance.
While the US market has become more difficult to access due to new tax policies, Australia could play the role of a trade cushion, helping to reduce shocks and maintain export momentum for Vietnam's shrimp industry.
Vietnam Cycle Expo 2025 will coincide with the Vietnam Sport Show 2025, an international exhibition on sports and outdoor entertainment, expected to attract more than 20,000 visitors in the three-day event.
Workers at a garment factory (Photo: VNA)
