Experts gathered at a seminar in Ho Chi Minh City on November 27 to update information relating to the ongoing F ree Trade Agreement (FTA) negotiations between Vietnam and the Republic of Korea.

At the event, participants provided an overview of the Vietnam-RoK FTA, under which a number of goods categories will enjoy a tax reduction, helping elevate bilateral economic ties.

Vietnam will see benefits from the Vietnam-RoK FTA if completes as per the RoK signed FTA with the US and European Union (EU), according to the seminar co-organised by the Vietnam Chamber of Commerce in HCM City and the Korean Trade Investment Promotion Agency of the city’s Korean Consul General.

Although the ASEAN-RoK Free Trade Agreement that came into effect in 2010 has brought success in trade, services and investment, the two sides should increase cooperation to meet the changes in the global economy and the economic scale of the two countries.

RoK is currently pouring investment into Vietnam’s manufacturing, mining, urban development and hotels sectors.

Vietnam imports IC, phones, machinery and equipment from RoK, while exporting agricultural products, seafood, oil, gas and coal.-VNA