Vietnamese business owners gathered at a workshop in Hanoi on May 21 to learn more details of the recently-signed Vietnam–Republic of Korea Free Trade Agreement (VKFTA), making it easier for them to reshape their business strategies in anticipation of opportunities ahead.

Nguyen Thi Thu Trang, Director of the World Trade Organisation Centre under the Vietnam Chamber of Commerce and Industry (VCCI), said a VKFTA guidebook for the Vietnamese business community will be released in the foreseeable future, covering investment policies and preferential tax.

Pham Khac Tuyen, VKFTA coordinator from the Ministry of Industry and Trade’s Asia-Pacific Market Department, said domestic firms could refer to a VFKTA guidebook written in English while waiting for the publication of a Vietnamese version.

The ministry is currently responsible for providing information regarding VFKTA to interested parties, he said.

The VKFTA is the first completed free trade pact among seven others that are still under discussion between Vietnam and its partners.

The RoK offers preferential tariffs to Vietnamese agro-fisheries, including shrimp, crab, fish and tropical fruit, as well as apparel, wooden furniture and mechanical products.

Vietnam, meanwhile, provides incentives for Korean cosmetics, pharmaceuticals, automobiles, spare parts, garments and footwear raw materials.

Hong Sun, General Secretary of the Korea Chamber of Commerce in Vietnam, suggested opening a modern wholesale centre where Vietnamese agro-fisheries will be classified and packaged for export.-VNA