ASEAN Member States and the Republic of Korea signed the Framework Agreement on Comprehensive Economic Cooperation on 13 December 2005 in Kuala Lumpur, Malaysia to strengthen and enhance economic, trade and investment cooperation among ASEAN Member States and Korea. The Agreement came into force on 1 July 2006

Three major Agreements under the ASEAN-Korea FTA have been entered into force and implemented by ASEAN and Korea.

• The ASEAN-Korea Trade in Goods Agreement entered into force in June 2007
• The ASEAN-Korea Trade in Services Agreement entered into force in May 2009
• The ASEAN-Korea Investment Agreement entered into force in June 2009

Vietnam's commitment on tariff elimination.

In the ASEAN-Korea Trade in Goods Agreement (AKFTA), Vietnam committed to eliminate import tariff on about 86% of the total tariff lines in 2018, the remaining 14% of the total tariff lines will reduce to 5 % at the end of the schedule (in 2021) and partially cut the tariff rate in 2021 or remain the MFN rate unchanged.

Since 2015, Vietnam has eliminated tariffs on 7366 tariff lines (accounting for 77.6% of the total number of tariff lines) focusing on a number of products belonging to the following groups: agricultural products, machinery and equipment, spare parts, textiles. garment, seafood, paper, chemicals, iron and steel products and base metals, etc.

By 2018, the total number of tariff lines with tariff elimination was 8184 (accounting for about 86% of the total number of tariff lines).

The final reduction schedule of the AKFTA is 2021. In addition to the tariff lines that have been eliminated in 2018, it is expected that about 620 tariff lines will be reduced to 5% (focusing on some groups such as electronics, mechanics, iron and steel and basic metals, petrochemical products, machinery parts, some special and specialized automobile products, etc.)

Non-commit items or remaining high tariff rates (50%) include cars, auto parts, spare parts, motorcycles, bicycles, electrical appliances, iron and steel, electronics, alcohol, cigarettes, gasoline, etc.

Korea's commitment to Vietnam

Regarding Korea's commitment to cut tariff rate for Vietnam, Korea has completed the elimination of import tariff as committed in the AKFTA since 2010. Accordingly, up to now, 90.9% of goods from Vietnam, when exporting to Korea, will enjoy the tariff rate of 0% if there is a certificate of origin.

The groups products that Korea do not commit to or only reduce import tax at the end of the roadmap (in 2021) mainly include: some seafood (frozen and canned shrimp, crab, fish), agricultural products (processed products such as dairy products, honey, garlic, ginger, red beans, sweet potatoes) tropical fruits, and industrial goods such as textiles, mechanical products, etc.