Arirang | MAR 23, 2010
Joint Working Party for Korea-Vietnam FTA to be Launched
The governments of Korea and Vietnam plan to launch a joint committee to study the possibility of an FTA with the first meeting scheduled for early May in Seoul.
The creation of the FTA study group was agreed in a meeting between Korean Trade Minister Kim Jong-hoon and his Vietnamese counterpart, Vu Huy Hoang during Kim’s visit to the Southeast Asian country which is a member of the Association of Southeast Asian Nations.
An FTA between Korea and ASEAN went into effect in June 2007.
But a bilateral trade deal is expected to provide a higher level of market liberalization for trade between the two countries.
Vietnam was Korea’s tenth largest export destination as of last year at over seven-billion US dollars.