Time: 12/2016

By: Hanoi Promotion Agency, Inter-Agency Steering Committee on International Economic Integration - The Ministry of Industry and Trade

Viet Nam and the Republic of Korea officially established diplomatic relations in December 1992. Over nearly a quarter of a century, bilateral relations between the two countries have experienced remarkable development. The relationship evolved from normal partnership to a “Comprehensive Partnership in the 21st Century” in 2001, and further to a “Strategic Cooperative Partnership” in 2009. To date, the Republic of Korea has become one of Viet Nam’s major partners across various fields: ranking first in foreign direct investment, second in official development assistance (ODA), and third in trade.

In 2006, Viet Nam and the Republic of Korea signed the Free Trade Agreement within the framework of the ASEAN-Korea Free Trade Agreement (AKFTA). On May 5, 2016, with a view to further promoting economic cooperation, the two sides concluded negotiations and proceeded to sign the bilateral Viet Nam–Korea Free Trade Agreement (VKFTA). VKFTA is a comprehensive agreement with a high level of commitments, ensuring a balanced distribution of benefits for both parties. The Agreement is expected to enhance Viet Nam’s export capacity for its competitive products, including agricultural and aquatic products, processed industrial goods, textiles and garments, footwear, and others. VKFTA is regarded as a strong driving force for deeper cooperation between the two countries in the fields of economy, trade, investment, tourism, and beyond.

With the aim of providing fundamental and comprehensive information on the VKFTA as well as the Korean market, thereby enabling enterprises to better seize opportunities and effectively capitalize on the benefits arising from the Agreement’s commitments, the Hanoi Promotion Agency, in cooperation with the Office of the Inter-Agency Steering Committee on International Economic Integration, has compiled the Handbook on International Economic Integration - Viet Nam-Korea Free Trade Agreement.

The publication (in Vietnamese) is attached below:

• Handbook on International Economic Integration - Viet Nam-Korea Free Trade Agreement

• South Korea Market Profile - VCCI