Korea – Vietnam Free Trade Agreement support center opens in Hanoi
The Korean Trade-Investment Promotion Agency (KOTRA) held the opening ceremony of the newly established Korea – Vietnam FTA support center in Hanoi on the 2nd of March, 2016. The main goal of the center is to help companies from both countries understand and take advantage of the bilateral FTA.
The FTA between the two countries came into effect in the end of December of 2015, with the promise to eliminate the majority of tariffs applied by both countries. Vietnam has agreed to remove tariffs on 89.9% of imported goods over the next 15 years, while South Korea will abolish tariffs on 95.4% of Vietnamese products. Due to the fact that South Korea is Vietnam’s biggest investment partner, this agreement has a strong potential to further strengthen the economic bonds of the two countries.
The newly established center in Hanoi aims to provide enterprises with accurate information on the FTA, as well as to offer support to those companies that face difficulties, especially in terms of non-tariff trade barriers and certificate of origin granting.
Original source