Viet Nam – Korea Free Trade Agreement (VKFTA)

Viet Nam – Korea Free Trade Agreement (VKFTA) 29/07/2015 03:57:00 533

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The negotiation of VKFTA were officially launched in Hanoi on June 08 2012. After 9 rounds of formal negotiations, on December 10, 2014, on the occasion of the Commemorative Summit on the 25th Anniversary of the ASEAN – Korea Dialogue Relationship, the two governments announced that the negotiations had ended. On May 05, 2015, Viet Nam and Korea have formally signed the agreement.

Based on the ASEAN – Korea commitment, Viet Nam has committed to add more 265 tariff lines which import turnover from Korea of 917 million USD. The list includes: materials for the textile and garment; plastic materials; electronic components; automotive parts; electrical applicances; some iron and steel products; electric cable; trucks of g.v.w from 10-20 tons and automotive of a cylinder capacity exceeding 3,000 cc.

Korea’s commitment includes 506 items which 4 items have the current MFN rate of 0%. The other 502 items which Korea agreed to eliminate the tariff have the total import turnover from Vietnam of 324 million USD. Korea has pledged to provide Viet Nam tariff elimination and quota for key export commodities of Viet Nam such as: fishery products (frozen and canned shrimp, crab, fish); agricultural products; tropical fruits and industrial goods such as textile, garment, mechanical products, garlic, ginger, honey, red beans,sweet potatoes...

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