Hanoi (VNA) – The free trade agreement (FTA) between Vietnam and the Republic of Korea (RoK) became effective on December 20, accordinꦛg to the Ministry of Industry and Trade (MOIT)’s press release on December 19.
The ministry said the FTA will contribute to boosting trade and investment cooperation between the two countries.
The two sides will establish a ministerial level joint committee and subcommittees on goods trade, customs, trade defence, sanitary and phytosanitary (SPS) measures and technical barriers to trade (TBT) to accelerate the implementation of the agreement.
Bilateral trade between Vietnam and the RoK has increased 57 folds over the past decades, from 500,000 million USD in 1992 to 28.8 billion USD in 2014.
In 2014, the RoK is the third largest trade partner of Vietnam, after China and the US, while Vietnam is the RoK’s sixth largest export market. Two-way trade value recorded an increase of 5.7 percent from 2013, with Vietnam’s export to the RoK posting at 7.1 billion USD, up 7.9 percent, and its import at 21.7 billion USD, up 5 percent.
According to the General Department of Customs, in the first 11 months of this year, bilateral trade hit 33.6 billion USD, a year-on-year rise of 27.6 percent. The figure is estimated at 33.6 billion USD this year, up 27.2 percent from last year.
According to the Ministry of Planning and Investment, as of October 20 this year, the RoK is the biggest among 105 nations and territories investing in Vietnam, with 4,777 projects worth 43.6 billion USD in total.
The RoK projects are mainly poured into industrial processing and manufacturing, real estate, retail and wholesale, and construction, with total investment exceeding 5 billion USD.
There are nearly 3,000 RoK enterprises operating in Vietnam. They create jobs for more than 400,000 labourers.-VNA
The fourth strategic dialogue on diplomacy, security and defence at the deputy foreign minister level between Vietnam and the Republic of Korea (RoK) was held in Seoul, the RoK on September 8.
The environment ministers of Vietnam and the Republic of Korea (RoK) agreed at their talks in Jeju, the RoK, on October 22 to cooperate in conducting research on biodiversity preservation.
Experts from Vietnam and the Republic of Korea (RoK) have gathered at a seminar in Hanoi to seek ways to foster the bilateral relationship in the new context.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
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.
At the RoK's Glonics Company (Source: VNA)
