Illustrative image (Photo: VNA)

Hanoi (VNA) – 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).

The event was jointly organised by the Ministry of Industry and Trade (MoIT), the Korea-Vietnam FTA Support Centre and the Korean Trade Investment Promotion Agency in Hanoi (KOTRA Hanoi).

Tran Minh Trang, a representative from the MoIT’s Export – Import Department, pointed out normal mistakes that enterprises often make while verifying the origin of products, resulting in delays in the granting of certificates of origin (CO) and administrative fines of 10-50 million VND (440 – 2,200 USD).

According to a representative from the Korean Customs Service (KCS), Vietnamese exporters need to follow strictly relevant regulations, including those on the origin and classification of products.

Choi Dae Kyoo, from the Korea-Vietnam FTA Support Centre, suggested Vietnamese exporters focus on training staff in charge of product origin management and develop a CO management system to better implement the FTA.

The RoK side pledges to provide more assistance and consultation for Vietnamese enterprises in order to realise the target of 70 billion in two-way trade by 2020.

Vietnam and the RoK signed the free trade agreement in May last year, under which Vietnam pledges to remove 8,521 tariff lines for the RoK, while RoK promises to abolish 11,679 tariff lines for Vietnam.

The bilateral trade value increased from 500 million USD in 1992 to 36.5 billion USD in 2015. The RoK is the fourth largest export market and the second largest import market of Vietnam.-VNA