(MENAFN) South Korea and Vietnam signed a bilateral free trade agreement (FTA), with the countries seeking to implement the deal before the year's end, Yonhap News reported.
The Korea-Vietnam FTA was officially signed by the countries' trade ministers in a ceremony held in Hanoi, about a month after the deal was initialed, according to the Ministry of Trade, Industry and Energy.
In 2014, South Korea exported some USD22 billion worth of goods and services to Vietnam. Bilateral trade also reached over USD30 billion last year, the largest ever since 1992.
"The Korea-Vietnam FTA will be a key example of a mutually beneficial FTA by expanding South Korean firms' investment in Vietnam while also boosting trade between the two countries," South Korean Trade Minister said.
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