South Korea ratifies trade deal with Vietnam: report

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Vietnam and South Korea signed the free trade agreement in Hanoi on May 5, 2015. Photo: Vietnam News Agency Vietnam and South Korea signed the free trade agreement in Hanoi on May 5, 2015. Photo: Vietnam News Agency

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South Korea's National Assembly on Monday approved the country's free trade agreement with Vietnam, Yonhap news agency reported.
Vietnam will remove import duties on 89.9 percent of goods from South Korea within 15 years, while Seoul will do the same on 95.4 percent of Vietnamese imports.
The two countries signed the FTA in Hanoi on May 5, 2015.
The House also approved FTAs with China and New Zealand.
“We welcomed the passage” of the free trade agreements, "though it was belated," Yonhap quoted Presidential Spokesman Jeong Yeon-guk as telling reporters.
Trade between Vietnam and South Korea has thrived in recent years, shooting up from US$500 million in 1992 to more than $26 billion last year -- an annual rate of growth of some 20 percent.
Last year South Korea was the fifth largest export market for Vietnam and second largest seller of goods and services to Vietnam.

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