S. Korea, Vietnam to hold meeting on free trade deal

SEOUL (Yonhap) - South Korean and Vietnamese officials will meet this week to review the results of a joint study into the viability of a bilateral free trade deal, as part of efforts to expand trade and business cooperation, Seoul's trade ministry said Wednesday.
During the two-day meeting in the Vietnamese port city of Danang that will start Thursday, both sides will review the final draft of their joint study, according to the ministry.
In March this year, South Korean Trade Minister Kim Jong-hoon and his Vietnamese counterpart Vu Huy Hoang agreed to launch the study.
South Korea already has a free trade agreement on merchandise with the 10-member Association of Southeast Asian Nations (ASEAN) that took effect in 2010. Similar deals on services and investments also came into effect.
Vietnam is a member of ASEAN but South Korea wants to further expand trade with some specific Southeast Asian countries, the trade ministry said.
Vietnam is South Korea's 10th-largest export destination. Last year, South Korea exported goods worth US$7.15 billion to Vietnam, and imported goods worth $2.37 billion from the Southeast Asian country.
South Korea currently has free trade agreements with the European Union (EU), India, Chile, Singapore, and the European Free Trade Association. A free trade deal with the United States is awaiting legislative ratification.
Seoul is also seeking similar trade deals with Canada, India and Mexico.