Vietnamese enterprises will have more opportunities to promote theexport of further high-quality products to the Republic of Korea (RoK),boosted by the Vietnam-RoK Trade Connectivity Conference held on June 25in Ho Chi Minh City.
Cooperation between Vietnamand the RoK has broadened in various fields after the free tradeagreement (FTA) between the two countries was inked on May 5, said MoonByung Cheol, a representative from the RoK Consulate General in HCMCity, adding that two countries are striving to increase trade revenueto 70 billion USD by 2020.
At the event, he highlighted thatthere will be tax exemptions and improvements in trade and serviceprocedures thanks to the signed free trade deal.
In the past fewyears, enterprises from the RoK have made great contributions to thecity’s economic growth. The RoK is the fourth largest capital investorto the city with key projects in processing, manufacturing, hi-techcomplexes, real estate, construction, restaurant service, communicationsand retail sales.
Ho Xuan Lam, Vice Director of the Investmentand Trade Promotion Centre of Ho Chi Minh City, said the free trade dealwill create an impetus for RoK enterprises to enhance their investmentand operations in Vietnam and Ho Chi Minh City in particular.
Hesaid that Vietnam needs to proactively carry out promotion campaigns inthe RoK with the focus on Vietnamese farm produce, forest products andseafood.
According to the FTA, made-in-Vietnam products will havea competitive advantage over regional competitors as the RoK pledges toliberalise 95 percent of its import tariffs, including the ones leviedon key Vietnamese agricultural products.
Meanwhile, Vietnam willcut nearly 90 percent of taxes on RoK products, comprising industrialcommodities and materials for domestic production. This will help thecountry limit its material dependence on foreign countries.-VNA
Cooperation between Vietnamand the RoK has broadened in various fields after the free tradeagreement (FTA) between the two countries was inked on May 5, said MoonByung Cheol, a representative from the RoK Consulate General in HCMCity, adding that two countries are striving to increase trade revenueto 70 billion USD by 2020.
At the event, he highlighted thatthere will be tax exemptions and improvements in trade and serviceprocedures thanks to the signed free trade deal.
In the past fewyears, enterprises from the RoK have made great contributions to thecity’s economic growth. The RoK is the fourth largest capital investorto the city with key projects in processing, manufacturing, hi-techcomplexes, real estate, construction, restaurant service, communicationsand retail sales.
Ho Xuan Lam, Vice Director of the Investmentand Trade Promotion Centre of Ho Chi Minh City, said the free trade dealwill create an impetus for RoK enterprises to enhance their investmentand operations in Vietnam and Ho Chi Minh City in particular.
Hesaid that Vietnam needs to proactively carry out promotion campaigns inthe RoK with the focus on Vietnamese farm produce, forest products andseafood.
According to the FTA, made-in-Vietnam products will havea competitive advantage over regional competitors as the RoK pledges toliberalise 95 percent of its import tariffs, including the ones leviedon key Vietnamese agricultural products.
Meanwhile, Vietnam willcut nearly 90 percent of taxes on RoK products, comprising industrialcommodities and materials for domestic production. This will help thecountry limit its material dependence on foreign countries.-VNA
