Illustrative image (Photo: Yonhap) Hanoi (VNA) – The Republicof Korea (RoK) and Vietnam held a video conference on April 13 to share ideason ways to expand their economic ties despite the strain caused by the pandemicon global business activities, reported the Yonhap News Agency.
RoK Minister of Trade, Industry and Energy Sung Yun-mo and his Vietnamesecounterpart Tran Tuan Anh discussed ways to expand bilateral ties in the faceof the growing economic fallout from the new coronavirus spread.
Duringthe meeting, the RoK side thanked Vietnam for enabling some of its residents toenter the country for major business activities, emphasising that travel bybusiness officials is crucial to maintain the global supply chain.
The two countries also agreed to push for the so-called Electronic Origin DataExchange System (EODES), which allows them to process certificates of originthrough electronic platforms.
The measure is expected to speed up customs procedures for exporters andprevent forgery of documents, according to the RoK Ministry of Trade, Industryand Energy.
Vietnam is the third-largest export destination for the RoK, whose outboundshipments to the Southeast Asian country reached 48.1 billion USD in 2019, down0.9 percent from a year earlier.
In 2019, the RoK’s overall exports sank more than 10 percent.
The country’s outbound shipments edged down 0.2 percent on-year lastmonth and plunged up to 18.6 percent annually to 12.2 billion USD in the April1-10 period, according to the data from the Korea Customs Service.
The figure is expected to continue dropping in the coming time due to the impactsof the pandemic, said experts./.
RoK Minister of Trade, Industry and Energy Sung Yun-mo and his Vietnamesecounterpart Tran Tuan Anh discussed ways to expand bilateral ties in the faceof the growing economic fallout from the new coronavirus spread.
Duringthe meeting, the RoK side thanked Vietnam for enabling some of its residents toenter the country for major business activities, emphasising that travel bybusiness officials is crucial to maintain the global supply chain.
The two countries also agreed to push for the so-called Electronic Origin DataExchange System (EODES), which allows them to process certificates of originthrough electronic platforms.
The measure is expected to speed up customs procedures for exporters andprevent forgery of documents, according to the RoK Ministry of Trade, Industryand Energy.
Vietnam is the third-largest export destination for the RoK, whose outboundshipments to the Southeast Asian country reached 48.1 billion USD in 2019, down0.9 percent from a year earlier.
In 2019, the RoK’s overall exports sank more than 10 percent.
The country’s outbound shipments edged down 0.2 percent on-year lastmonth and plunged up to 18.6 percent annually to 12.2 billion USD in the April1-10 period, according to the data from the Korea Customs Service.
The figure is expected to continue dropping in the coming time due to the impactsof the pandemic, said experts./.
VNA
