Vietnam, S.Korea sign bilateral FTA Tu Hoang By Tu Hoang - The Saigon Times Daily Vietnam’s Minister of Industry and Trade Vu Huy Hoang (R) and Korean Minister of Trade, Industry and Energy Yoon Sang-jick shake hands at the signing of the bilateral FTA in Hanoi on May 5 - PHOTO: MINISTRY OF INDUSTRY AND TRADE HANOI – The trade ministers of Vietnam and South Korea signed a bilateral free trade agreement (FTA) in Hanoi on May 5 more than one month after the two countries initialed it. Prime Minister Nguyen Tan Dung and representatives of government agencies of the two nations witnessed the signing of the long-awaited trade pact between Vietnam’s Minister of Industry and Trade Vu Huy Hoang and Korean Minister of Trade, Industry, and Energy Yoon Sang-jick. Talks took more than two years before the FTA was clinched. The two nations held the first round of negotiations over the FTA in August 2012 and had eight more rounds of talks before the two ministers … [Read more...] about Vietnam, S.Korea sign bilateral FTA
Vietnam is accelerating its negotiations for its accession to the World Trade Organisation (WTO). Therefore, recently, many seminars discussing issues after Vietnam joins WTO, and its implementation of WTO regulations, opportunities and challenges of the event, have been organised. This shows the necessity to improve Vietnamese people’s awareness of the country’s WTO accession and the organisation itself. WTO’s objectives are to create a fair, transparent playing field for economic growth, and trade development, job creation and support for member countries’ sustainable development. Joining WTO, Vietnam will be able expand its export markets and import goods at cheap prices from other countries as WTO has cut over 40 per cent of tariff lines, on average. One of the basis principle of WTO is most favoured nation (MFN) status, which means that when a country in the WTO grants another MFN, tariff cuts for example, MFN will be automatically applied for all member … [Read more...] about Is it a Suitable Time for Vietnam ‘s Accession to WTO?
The Vietnam Textile and Apparel Association (Vitas) and South Korean Federation of Textile Industries (RFTI) signed an agreement on September 8 to boost trade cooperation and investment in the industry. The signing was in a Vietnam-South Korea Textile & Garment Forum held September 8 in Hanoi. Vietnam and South Korea, which are listed among the world's top ten apparel exporters, will see a lot of opportunities to strengthen garment cooperation under the inked pact, said RFTI vice chairman Myeng Keun, who is also the head of a visiting delegation of RoK garment businesses. Addressing the forum, Deputy Minister of Industry and Trade Bui Xuan Khu said Vietnam's garment sector is still weak in materials supply, fashion design and brand promotion, which, meanwhile, are strong points of South Korea. Last year, Vietnam earned US$139 million from exporting apparels to South Korea while spent US$1.31 billion on importing materials mainly fiber from the country. In the first half … [Read more...] about Vietnam, S. Korea Sign Cooperative Apparel Agreement
Vietnamese businesses have a chance to look at opportunities to do business in South Africa thanks to a workshop on promoting bilateral trade in Ho Chi Minh City on March 18. The workshop, jointly held by the State Capital Investment Corporation (SCIC) and the South Africa Consulate Office in HCM City , served as a bridge for businesses from both sides to expand their cooperation in many areas, promoting bilateral trade, Do Thi Kim Lien, honorary consul of South Africa in HCM City , said at the event. … [Read more...] about Vietnam, S. Africa promote trade, investment
Vietnam and South Africa should build mechanisms for greater legislative coordination and sign cooperative agreements between the two national assemblies. This statement was made by National Assembly Chairman Nguyen Sinh Hung at his talks with Speaker of the South African National Assembly Max Vuyisile Sisulu, in Hanoi on Nov. 17. This will be a basis for the two NAs to promote bilateral cooperative activities including support at international forums, and ensure supervision, accelerate cooperation programmes and projects between the two governments," Hung affirmed. Chairman Hung said he believes the first and current visit to Vietnam by Speaker Max Vuyisile Sisulu will be a new step of development in friendship and bilateral cooperation between the two NAs. The NAs need to enhance cooperative programmes and expand people-to-people diplomatic activities, he said, adding that the two countries have to look to becoming mutual trust partners. South Africa should help Vietnam expand … [Read more...] about Vietnam, S Africa boost legislative cooperation