FTA boosts RoK exports to Vietnam

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The Republic of Korea’s exports to Vietnam have increased sharply this year thanks to the enforcement of a free trade agreement between the two countries which was ratified late last year.

According to a report by the Korea Trade-Investment Promotion Agency (KOTRA), the RoK’s exports to Vietnam in the first 10 months of 2016 rose 11.8 percent year-on-year.

Especially, the RoK’s consumer goods exports surged 14.2 percent in the same period with the shipment of washing machines soaring by 102.1 percent, as a 5-percent tariff was removed under the FTA.

KOTRA cited a recent survey showing that 42 percent of 60 questioned Korean exporters said that their exports to Vietnam increased after the Vietnam-RoK FTA took effect and 63 percent expected that the deal will help them expand business activities in 2017.

VNA