The Republic of Korea (RoK) and Vietnam will hold their first round of negotiations for a free trade agreement on September 3 to strengthen economic ties, announced the RoK Ministry for Trade on August 29.
In early August, both countries agreed to launch FTA negotiations after finalising a joint study on the feasibility of an FTA in October 2011.
The RoK already has an FTA with the Association of Southeast Asian Nations (ASEAN), which took effect in 2007.
The RoK Ministry for Trade considers Vietnam as a fast-emerging country which is enjoying average economic growth of 5-8 percent per year.
The Southeast Asian nation was RoK’s 15th largest trading partner in 2011, with RoK exports to Vietnam reaching US$13.55 billion, up 40 percent from 2010.
The East Asian nation’s imports from Vietnam also surged 53 percent to US$5.08 billion over the period, the ministry said.
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