PM witnesses VN-KoK trade agreement signing

Photo: VGP

After over two years of negotiations, Viet Nam and the RoK concluded the pact.

The pact, comprising 17 chapters, 208 articles, 15 appendixes and an agreement on commitment delivery, is the first bilateral FTA Viet Nam has officially signed in 2015.

It is expected to bring positive results to Viet Nam, including improving the business environment, social resources allocation and utilization, contributing to enhancing economic restructure and realizing sustainable development targets.

Viet Nam’s exports will have further opportunities in new markets thanks to the RoK’s strong commitments to opening markets.

An open and transparent legal environment will encourage further investments from the RoK in Viet Nam, as well as high-tech, advanced management and opportunities to access third markets.

The two sides agreed on realizing commitments in economic cooperation, in which the RoK will support Viet Nam to enhance policy construction and implementation, improve competitiveness for Viet Nam in fields of the RoK’s strengths.

The pact is also expected to create more jobs for Vietnamese workers and raise the incomes, particularly for non-skilled workers, contributing to hunger eradication and poverty reduction in rural areas.

The FTA is a practical step to realize the country’s active integration strategy, boost the economic restructure and speed up industrialization and modernization while advancing stable, long-term Viet Nam-RoK strategic partnership, contributing to maintaining and consolidating the peaceful and stable environment in the region. After the signing, the two countries will conduct ratification procedures in line with each country’s legal regulations.

As agreed, the pact will be effective from the first day of the second month from the day both sides inform each other in writing through diplomatic channels about the completion of their internal procedures or from a date which are agreed by both sides.