Yue Han Signed Free Trade Agreement, Textile And Garment Business Opportunities.

Recently, under the testimony of Vietnamese Prime Minister Ranjig and the representatives of the two ministries, Vietnam's minister of Commerce and industry, Wu Huihuang, and Yoon Sang-jick, Korea's minister of trade and energy and energy, formally signed the Yue Han free trade agreement (VKFTA) in Hanoi on May 5th (2015).

After more than two rounds of 8 rounds of formal consultations and 8 rounds of talk about human level consultation, VKFTA was officially signed.

The content of the agreement is comprehensive and guarantees the balance of interests between the two sides.

The agreement consists of 17 chapters, 208 articles, 15 appendices and 1 implementation agreements.

The main contents include trade in goods,

(including communications, finance, natural person mobile, etc.), investment, intellectual property rights, SPS measures, rules of origin, customs convenience, trade remedy, trade technical barriers, e-commerce, competition, economic cooperation, system and law.

According to the consensus reached between the two sides, VKFTA will bring benefits to Vietnam in many ways.

In terms of economy, VKFTA will help further improve the business environment, allocate and utilize social resources more effectively, thereby promoting economic restructuring, increasing added value, and conducive to sustainable development goals.

Vietnam's exports have more opportunities because of South Korea's market opening commitments.

Among them, the Republic of Korea liberalized imports of 97.2% of its value (in accordance with the 2012 Statistics), accounting for 95.4% of the total tax revenue, including

Shrimp, crab, fish, tropical fruits, wood products, machinery products and many other main export aquatic products.

In addition, Vietnam is also the first FTA partner in Korea to open the market for sensitive products such as garlic, ginger, honey, and sweet potato.

Vietnam's exports are more competitive than rival countries like China, Indonesia, Malaysia and Thailand.

Vietnam, on the other hand, also granted tariff reductions to 92.7% of the value of imports (according to the 2012 Statistics), accounting for 89.2% of the total tax revenue, mainly including textile and garment grain ingredients, plastics, electronic parts, trucks, vehicles over 3 thousand CC, auto parts, household appliances, steel and iron, and cables, which helped to reduce Vietnam's dependence on imports from other countries.

In addition, VKFTA will bring a number of positive social benefits to provide more employment opportunities for Vietnamese workers, especially ordinary workers and unskilled labourers.

However, apart from its positive influence, VKFTA also poses many challenges to Vietnam.

First, tariff concession will increase the competitive pressure of Vietnam's domestic enterprises; second, Vietnamese public administration organs must constantly innovate and improve their administrative efficiency; thirdly, governments, industry and people at all levels need to have more thorough recognition of the overall international economic integration process and VKFTA implementation, so as to effectively utilize the opportunities and interests brought by them and reduce their adverse effects.

World clothing shoes and hat nets are concerned about the latest trends in textile and clothing.

Direction, international policy, continue to pay attention to this net!