South Korea-Vietnam FTA benefits tropical fruit exportsStaff writer ▼ | December 24, 2015
The South Korea-Vietnam free trade agreement, which came into affect on Sunday will have great benefits for Vietnamese garlic and tropical fruit exporters.
Trade deal South Korea will open their market to 500+ goods
At the same time Vietnam will remove its duties on an additional 272 South Korean products. Seoul will reduce import duties on more than 95 percent of Vietnamese goods, including key export items like tropical fruits.
The FTA signed last month is expected to boost Vietnam’s exports to Korea and more than double bilateral trade over the next five years. The agreement includes some of the items that were excluded from the earlier ASEAN-Korea FTA.
Vietnam will remove import tariffs on 92.2 percent of all products under the FTA, compared to 86.2 percent of goods in the ASEAN-Korea FTA.
The FTA aims to increase the bilateral South Korea-Vietnam trade to $70 billion by 2020. South Korea is the biggest investor in Vietnam, with $38 billion in more than 4,200 projects. ■