Business

FTA boosts RoK exports to Vietnam

The Republic of Korea’s exports to Vietnam have increased sharply this year thanks to the enforcement of a free trade agreement between the two countries which was ratified late last year.
FTA boosts RoK exports to Vietnam ảnh 1Illustrative image (Source: VNA)

Hanoi (VNA) – The Republic of Korea’s exports to Vietnam have increased sharplythis year thanks to the enforcement of a free trade agreement between the twocountries which was ratified late last year.

According to a report by the Korea Trade-Investment Promotion Agency (KOTRA),the RoK’s exports to Vietnam in the first 10 months of 2016 rose 11.8 percentyear-on-year.

Especially, theRoK’s consumer goods exports surged 14.2 percent in the same period with the shipmentof washing machines soaring by 102.1 percent, as a 5-percent tariff was removedunder the FTA.

KOTRA cited arecent survey showing that 42 percent of 60 questioned Korean exporters saidthat their exports to Vietnam increased after the Vietnam-RoK FTA took effectand 63 percent expected that the deal will help them expand business activitiesin 2017.-VNA

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