South Korea and Vietnam Free Trade Agreement to Begin this Week

Kyung Ho Kim, Dec. 17, 2015, 9:21 a.m.

Korea's free trade agreement with Vietnam goes into effect this weekend, the Ministry of Trade, Industry and Energy said Wednesday. The two nations started negotiations in September 2012 and inked the pact in May this year. The National Assembly ratified it late last month along with the Korea-China FTA.

Vietnam is Korea's No. 3 export destination after China and the U.S.Shipments to Vietnam totaled US$22.3 billion last year and surged to $23.4 billion from January to October of this year.

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