Vietnamese exporters were provided with updated information on importtrends and market demand in the Republic of Korea (RoK) at a workshop inHanoi on July 14.
Held by the Department of Trade Promotionunder the Ministry of Industry and Trade (MoIT), the event was designedto introduce advantages from the Vietnam-Korea Free Trade Agreement(VKFTA), helping Vietnamese businesses maximise opportunities resultingfrom the pact and boost exports to the RoK.
Bui Kim Thuy, arepresentative from the Export and Import Department under the MoIT,said the agreement brings great opportunities and tax incentives forexporters but noted that Vietnamese import-export enterprises will needto strictly abide by origin of goods regulations.
According toPham Khac Tuyen from MoIT’s Asia–Pacific Market Department, the RoKcommitted to provide tax cuts, creating export opportunities for keyfarm and aquatic products such as shrimp, crab, fish, tropical fruitsand industrial products such as textiles and wooden and mechanicalproducts.
Vietnam is the first FTA partner of the RoK allowed tosell special products such as garlic, ginger, honey and sweet potato inthe country. Vietnam pledged to reduce taxes on raw materialcommodities for textiles and footwear; engines and automobile spareparts; and electrical equipment.
Participants said Vietnam wouldbe able to export other products to the RoK through distributors suchas E-Mart, Lotte Mart and trade associations.
They also stressedthe need for Vietnamese shippers to improve the quality of theirproducts and keep to standards of food sanitation safety and origin inorder to join the distribution chain.
According to statisticsfrom the Department of Trade Promotion, Vietnam shipped about 40different commodities to the RoK in 2014, raking in 7 billion USD andrepresenting a year-on-year increase of 7.7 percent.
Withpreferential taxes and transparency in technical barriers, the VKFTAwill help widen opportunities for Vietnamese exports to the RoK andincrease Vietnamese product competitiveness.-VNA
Held by the Department of Trade Promotionunder the Ministry of Industry and Trade (MoIT), the event was designedto introduce advantages from the Vietnam-Korea Free Trade Agreement(VKFTA), helping Vietnamese businesses maximise opportunities resultingfrom the pact and boost exports to the RoK.
Bui Kim Thuy, arepresentative from the Export and Import Department under the MoIT,said the agreement brings great opportunities and tax incentives forexporters but noted that Vietnamese import-export enterprises will needto strictly abide by origin of goods regulations.
According toPham Khac Tuyen from MoIT’s Asia–Pacific Market Department, the RoKcommitted to provide tax cuts, creating export opportunities for keyfarm and aquatic products such as shrimp, crab, fish, tropical fruitsand industrial products such as textiles and wooden and mechanicalproducts.
Vietnam is the first FTA partner of the RoK allowed tosell special products such as garlic, ginger, honey and sweet potato inthe country. Vietnam pledged to reduce taxes on raw materialcommodities for textiles and footwear; engines and automobile spareparts; and electrical equipment.
Participants said Vietnam wouldbe able to export other products to the RoK through distributors suchas E-Mart, Lotte Mart and trade associations.
They also stressedthe need for Vietnamese shippers to improve the quality of theirproducts and keep to standards of food sanitation safety and origin inorder to join the distribution chain.
According to statisticsfrom the Department of Trade Promotion, Vietnam shipped about 40different commodities to the RoK in 2014, raking in 7 billion USD andrepresenting a year-on-year increase of 7.7 percent.
Withpreferential taxes and transparency in technical barriers, the VKFTAwill help widen opportunities for Vietnamese exports to the RoK andincrease Vietnamese product competitiveness.-VNA
