Workshop spotlights trade opportunities between VN and RoK

17:23 | 05/12/2014

VGP – The Republic of Korea (RoK) and Viet Nam will have more trade cooperation opportunities, especially after their negotiations on a free trade agreement are concluded.

The statement was made at a workshop on direct commercial exchanges between Vietnamese businesses and 50 RoK importers.

The workshop was organized in Ha Noi on December 5 by the Ministry of Trade (MOT) and the Vietnamese Trade Office in the RoK.

Speaking at the gathering, Deputy Minister of Trade Do Thang Hai stressed that the friendly and cooperative relations between the two countries have seen strong developments, especially since the strategic partnership was established in 2009. The two-way trade turnover has increased rapidly over the past decade.

The total import-export value reached nearly US$24 billion by the end of October, a 5% year-on-year rise. Many hi-quality Vietnamese products, including sea food, farm products, garments and textiles, wood products, and processed food, were popular in the RoK, contributing to elevating the two-way trade value in the past years.

The trade and investment ties between the teo countries were adjusted by many bilateral and multilateral trade agreements. Notably, the Viet Nam-Korea Free Trade Agreement (VKFTA) was forecast to conclude by the end of this year which then creates a foray of cooperative opportunities for both sides in trade and investment.

According to Shinn Tea Yong, President of the Korea Importers Association (KOIMA), the association has signed a memorandum on commercial cooperation with the MOT. It sends delegations to Viet Nam to study import activities annually to expand cooperation between the two countries and support Vietnamese businesses to seek RoK partners.

He said that negotiations for the VKFTA in November brought positive outcomes, which were expected to expand the preferential traded product list to 19,000 for the RoK and 6,000 for Viet Nam.

He also expressed his hope that the imbalance in the bilateral trade will be resolved and bilateral trade ties will be boosted in the future.

                                                                                                                    By Vien Nhu