ABOUT FTA

Implementation

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KVFTA Committee Meetings

  • Korea and Viet Nam currently operate one Ministerial-level Joint Committee and six sectoral FTA implementing Committees as follows
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Committee Title Related Provision
Joint Committee Article 17.1 (Institutional and Final Provisions)
Committee on Trade in Goods Article 2.14 (National Treatment and Market Access for Goods)
Committee on Customs Article 3 (Rules of Origin and Original Procedures)
Committee on SPS Article 4.12 (Customs Administration and Trade Facilitation)
Committee on TBT Article 6.10 (Technical Barriers to Trade)
Committee on Trade Remedies Article 7.11 (Trade Remedies)
Committee on Economic Cooperation Article 13.4 (Economic Cooperation)

Korea-Vietnam Free Trade Agreement Joint Committee

  • The Korea-Viet Nam Free Trade Agreement Joint Committee, the highest-level FTA implementing committee attended by both ministers in charge, assesses the overall implementation of the FTA, discusses issues of mutual interest based on the work of each sectoral implementing committee, and explores ways of better utilizing the FTA to further enhance bilateral economic and trade relations.
  • The first meeting of the Korea-Viet Nam Free Trade Agreement (KVFTA) Joint Committee was convened in Seoul, Korea on 7 December 2016, co-chaired by the Minister of Trade, Industry and Energy of the Republic of Korea, Joo Hyunghwan, and the Minister of Industry and Trade of the Socialist Republic of Viet Nam, Tran Tuan Anh.
  • The second meeting was held in Hanoi on 2 February 2018 with the participation of the Minister of Trade, Industry and Energy of the Republic of Korea, Paik Ungyu, and the Minister of Industry and Trade of the Socialist Republic of Viet Nam, Tran Tuan Anh.

Committee

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  • Committee on Trade in Goods view

    • The first meeting of the Committee on Trade in Goods was convened on 12 April 2016 in Hanoi. Korea and Viet Nam exchanged opinions on the current status of the KVFTA's implementation, including the benefits of the FTA. They also talked about difficulties companies face in areas such as customs and rules of origin that require thorough monitoring at the early stage of the FTA's implementation as well as measures to reduce non-tariff barriers.
  • Committee on Sanitary and Phytosanitary Measures view

    • The first meeting of the Committee on Sanitary and Phytosanitary Measures convened in April 2016 in Hanoi, and the second meeting in July 2017 in Sejong City,. At this committee, Korea and Viet Nam share information on SPS rules, procedures and operations and find ways of increasing cooperation on areas of mutual interest.
  • Committee on Customs view

    • The first meeting of the Committee on Customs was convened in July 2016 in Seoul while the second meeting was held in Hanoi in July 2017. At the Committee on Customs, Korea and Viet Nam deal with and lay the groundwork for cooperation on FTA implementing issues regarding item classification, and customs and rules of origin.
  • Committee on Technical Barriers to Trade view

    • The Committee on Technical Barriers to Trade discusses measures to effectively eliminate technical barriers to trade stemming from standardization, technical regulations and conformity assessments. The first meeting was held in July 2016 in Seoul, and the second meeting in July 2017 in Hanoi.
  • Committee on Trade Remedies view

    • The Committee on Trade Remedies has been convened three times respectively in July 2016 in Seoul, in Semtember 2017 in Hanoi and in March 2018, in Seoul. At the Committee, Korea and Viet Nam review revisions to rules and regulations in both countries as a result of the FTA's entry into force and lay the groundwork for mutual cooperation on bilateral issues and joint response to third countries.
  • Committee on Economic Cooperation view

    • At the Committee on Economic Cooperation, both sides discuss how to proceed with economic cooperation projects in accordance with the Economic Cooperation Chapter and implementing arrangements in the KVFTA, which stipulate bilateral cooperation in an array of areas including industry, agriculture and fisheries, rules and procedures as well as policy infrastructure. The Committee has been convened four times on various occasions (April 2016, July 2016, December 2016 and October 2017)
  • Working Group on Investment view

    • Verification Modalities by Agents The Working Group on Investment has been convened six times to discuss the investment reservation list as follow-up negotiations in accordance with Article 9.12 (Non-Conforming Measures).