Following strictly origin regulations to take full of FTA with RoK
In order to realize the goal of 70 billion USD in trade turnover between Vietnam and the Republic of Korea by 2020, the Korean trade support agencies will strengthen consuling activities and supports for the implementation of the free trade agreement (FTA) to the business community in 2017.
The Ministry of Industry and Trade (MoIT), the Korea-Vietnam FTA Support Centre and the Korean Trade Investment Promotion Agency in Hanoi (KOTRA Hanoi) jointly organised the workshop in the deployment of the free trade agreement (FTA) between Vietnam and the Republic of Korea (RoK) in Hanoi on December 20.
A workshop aims to review and promote the implementation of the FTA between Vietnam and the RoK.
Vietnam and the RoK signed the free trade agreement in May last year, under which Vietnam pledges to remove 8,521 tariff lines for the RoK, while RoK promises to abolish 11,679 tariff lines for Vietnam.
The bilateral trade value increased from 500 million USD in 1992 to 36.5 billion USD in 2015. The RoK is the fourth largest export market and the second largest import market of Vietnam.
During the workshop, Tran Minh Trang, a representative from the MoIT’s Export – Import Department, mentioned normal mistakes that businesses often make while verifying the origin of products, resulting in delays in the granting of certificates of origin (CO) and administrative fines of 10-50 million VND (440 – 2,200 USD).
According to a representative from the Korean Customs Service (KCS), Vietnamese exporters need to follow strictly relevant regulations, including those on the origin and classification of products.
Choi Dae Kyoo, from the Korea-Vietnam FTA Support Centre, suggested Vietnamese exporters focus on training staff in charge of product origin management and develop a CO management system to better implement the FTA.
The RoK trade support agencies pledged to provide more assistance and consultation for Vietnamese businesses in order to realise the target of 70 billion USD in two-way trade by 2020.
At the workshop
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Vietnam and the RoK signed the free trade agreement in May last year, under which Vietnam pledges to remove 8,521 tariff lines for the RoK, while RoK promises to abolish 11,679 tariff lines for Vietnam.
The bilateral trade value increased from 500 million USD in 1992 to 36.5 billion USD in 2015. The RoK is the fourth largest export market and the second largest import market of Vietnam.
During the workshop, Tran Minh Trang, a representative from the MoIT’s Export – Import Department, mentioned normal mistakes that businesses often make while verifying the origin of products, resulting in delays in the granting of certificates of origin (CO) and administrative fines of 10-50 million VND (440 – 2,200 USD).
According to a representative from the Korean Customs Service (KCS), Vietnamese exporters need to follow strictly relevant regulations, including those on the origin and classification of products.
Choi Dae Kyoo, from the Korea-Vietnam FTA Support Centre, suggested Vietnamese exporters focus on training staff in charge of product origin management and develop a CO management system to better implement the FTA.
The RoK trade support agencies pledged to provide more assistance and consultation for Vietnamese businesses in order to realise the target of 70 billion USD in two-way trade by 2020.
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