The Vietnam-Korea Free Trade Agreement (VKFTA) turned seven in May of this year. Since it came into force in 2015 it has changed the face of trade between South Korea and Vietnam.

The Vietnamese Government for its part would create utmost conditions for South Korean companies to succeed in Vietnam and commit long-term presence in the country.

VKFTA, which became effective on December 20, 2015, is one of Vietnam’s first bilateral free trade agreements with an economic partner. Vietnam and South Korea are scheduled to apply the revised Product Specific Rules (PSR) under the Vietnam-South Korea Free Trade Agreement (VKFTA), which establishes the rule of origin requirements for products from August 1.

Vietnam and the Republic of Korea must work to support both nations' businesses by utilizing incentives from free trade agreements (FTAs) toward the bilateral trade target of US$100 billion by 2023, said Deputy Minister of Industry and Trade Do Thang Hai.

In spite of Vietnam’s prolonged trade deficit with the Republic of Korea (ROK), it is still no big concern as the Northeastern Asian economy aims to swell its investment and exports to its strategic partner for production and re-exports.

The Vietnam – Korea Business Forum with the theme of “Cooperation for a sustainable future” was held virtually on July 8.

Vietnam raked in US$369.2 million from exporting timber and wooden products to the Republic of Korea (RoK) during the five months of the year, an increase of 7% against the same period last year, according to the General Department of Vietnam Customs.

Vietnam’s Ministry of Industry and Trade (MOIT) and the Republic of Korea’s Ministry of Industry, Trade and Energy held a joint online policy dialogue in the field of logistics and distribution on April 9.

Consul General of the Republic of Korea Kang Myeong Il expressed his desire to boost cooperation between his country and Vietnam during a meeting with Ho Chi Minh City Mayor Nguyen Thanh Phong on March 12.

A signing ceremony for a comprehensive strategic cooperation agreement was held in Ho Chi Minh City on December 31 to promote trade and investment cooperation between Vietnam and the Republic of Korea (ROK).