• go rss
상단검색

Date   :

~

Sort   :

Korean FTAs in Effect

The Effectuation of the Korea-Vietnam FTA

The Korea-Vietnam Free Trade Agreement (FTA) went into effect on
December 20, 2015

Vietnam, with a population of 90 million and a domestic market composed of young consumers, is Korea’s third-largest export market. The Korea-Vietnam FTA will expand the level of product liberalization, open the service market and improve the investment environments of both countries.

 

Significance of the Agreement
  • Increase trade in key sectors

    The Korea-Vietnam FTA will eliminate additional tariffs on products that were placed in the Sensitive List under the Korea-ASEAN FTA, reform the country of origin standard and expand trade in key export sectors including auto parts, textile, shoes and household appliances.


  • Establish a foothold for entering the Vietnamese market

    As the youth (under 30s) accounts for 60 percent of the population in Vietnam, the Vietnamese market has a large growth potential. The Korea-Vietnam FTA will, therefore, help Korean companies to enter the Vietnamese market.

Importance of the Vietnamese Market
  • Vietnam is Korea’s third-largest export market (2015) and fourth-largest foreign investment destination (2014). Korea has been recording trade surplus with Vietnam since the 1980s.

  • With Vietnam’s proactive trade openness and investment policies, the demand for importing equipment and raw and subsidiary materials is on the rise. More Korean companies will be able to enter the Vietnamese market and the export of intermediate goods including parts and materials will also increase.

The information above is provided only as a reference for users and we are not legally liable for the errors in the content or the consequences of use of the information.  
Please use the information above for reference purposes only and confirm the final information with relevant domestic law or administrative agencies.

The information above is provided by the Korea International Trade Association.

Go to provider.Go to original text.