A workshop was organised in Hanoi on December 20 to review and promote the implementation of the free trade agreement (FTA) between Vietnam and the Republic of Korea (RoK).
Hanoi (VNA) – A workshop was organised in Hanoi on December 20 to reviewand promote the implementation of the free trade agreement (FTA) betweenVietnam and the Republic of Korea (RoK).
Theevent was jointly organised by the Ministry of Industry and Trade (MoIT),the Korea-Vietnam FTA Support Centre and the Korean TradeInvestment Promotion Agency in Hanoi (KOTRA Hanoi).
TranMinh Trang, a representative from the MoIT’s Export – Import Department, pointedout normal mistakes that enterprises often make while verifying the origin of products,resulting in delays in the granting of certificates of origin (CO) andadministrative fines of 10-50 million VND (440 – 2,200 USD).
Accordingto a representative from the Korean Customs Service (KCS), Vietnameseexporters need to follow strictly relevant regulations, including those on theorigin and classification of products.
ChoiDae Kyoo, from the Korea-Vietnam FTA Support Centre, suggestedVietnamese exporters focus on training staff in charge of product origin managementand develop a CO management system to better implement the FTA.
TheRoK side pledges to provide more assistance and consultation for Vietnameseenterprises in order to realise the target of 70 billion in two-way trade by2020.
Vietnamand the RoK signed the free trade agreement in May last year, under whichVietnam pledges to remove 8,521 tariff lines for the RoK, while RoK promises toabolish 11,679 tariff lines for Vietnam.
Thebilateral trade value increased from 500 million USD in 1992 to 36.5 billionUSD in 2015. The RoK is the fourth largest export market and the second largestimport market of Vietnam.-VNA
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Illustrative image (Photo: VNA) 
