Vietnam, RoK cooperate on origin of goods

March 05, 2011 | 08:20

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Vietnam and the Republic of Korea (RoK) will assist with administrative requirements and cooperate closely in granting and examining the origin of goods, helping to ease difficulties for businesses and promote trade.

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A memorandum of understanding (MoU) to this effect was signed in Hanoi on March 4 by Deputy Minister of Industry and Trade Nguyen Thanh Bien and RoK Customs Service Commissioner Yoon Young-sun.

Under the MoU, part of the ASEAN-RoK Trade in Goods Agreement, the two sides will cooperate in granting and examining certificates of origin (C/O), and exchange information and data, particularly in cases of doubtful or fraudulent certification.

The MoU serves as a basis for the two countries to share data and provide technical assistance in building a future electronic certification system, cutting complexity in procedures for export firms, Deputy Minister Bien said at the signing ceremony.

The ASEAN-RoK Trade in Goods Agreement, which took effect in June 2007, brought trade benefits for participating countries, including Vietnam and the RoK.

VIR/VNA

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