South Korea and Vietnam have announced the launch of bilateral free trade negotiations.

Trade Minister Bark Tae-ho and Vietnamese Minister of Industry and Trade Vu Huy Hoang made the announcement in a meeting held in Hanoi Monday.

The two sides agreed to conclude trade talks and sign a free trade agreement as soon as possible. They will hold the first round of free trade negotiations in September.

South Korea is expected to demand that Vietnam open its market for electronics and cars, while Vietnam will likely demand the opening of the South Korean agricultural market.