S. Korea, Vietnam Establish Free Trade Deal

Write : 2014-12-10 19:49:01 Update : 2014-12-11 14:21:45

S. Korea, Vietnam Establish Free Trade Deal

South Korea and Vietnam have agreed on a free trade agreement (FTA).

The two countries reached the agreement on Wednesday in a summit between President Park Geun-hye and Vietnames Prime Minister Nguyen Tan Dung held in Seoul.

According to the presidential office, the deal will promote South Korean exports to the Vietnamese market and set favorable conditions for further liberalization of the South Korea-ASEAN free trade agreement.

The South Korea-Vietnam FTA is South Korea's 15th free trade agreement. The accord comes 28 months after the two sides initiated trade negotiations.

Vietnam is South Korea's ninth largest trade partner and the fourth largest investment destination. 

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