RoK firms eye Vietnamese market

(VOV) -Ho Chi Minh City has hosted a seminar themed “Bilateral free trade agreement between Vietnam and the Republic of Korea (RoK)” on November 27.

An official representing the General Consulate of Korea in HCM City told the seminar that Vietnam’s seafood and textile sector will enjoy a reduction in tariffs when the bilateral agreement is finally signed by the two countries.

rok firms eye vietnamese market hinh 0

Vietnam’s seafood and textile export turnover to the RoK reached US$412 million and US$748 million, respectively, over the first ten months of 2012, up 8 percent and 18 percent against 2011.

The RoK is currently the fourth largest investor in Vietnam with 2,823 projects worth US$23 billion. In 2011 alone, the RoK invested more than US$7.9 billion in Vietnam.

Vietnam-Korea Free Trade Agreement (FTA) negotiations were official launched by the Vietnamese Ministry of Industry and Trade and the RoK’s Ministry of Foreign Affairs and Trade.