Main commitments

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.

ASEAN and the Republic of Korea (ROK) initiated sectoral dialogue relations in November 1989. The ROK was accorded a full Dialogue Partner status by ASEAN at the 24th ASEAN Ministerial Meeting (AMM) in July 1991 in Kuala Lumpur. Since the ASEAN-ROK partnership was elevated to a summit level in 1997 in Kuala Lumpur, relations between ASEAN and the ROK have broadened and deepened.
The relationship reached a new height with the signing of the Joint Declaration on Comprehensive Cooperation Partnership at the 8th ASEAN-ROK Summit on 30 November 2004 in Vientiane and the adoption of the ASEAN-ROK Plan of Action (POA) to implement the Joint Declaration at the 9th ASEAN-ROK Summit on 13 December 2005 in Kuala Lumpur. ASEAN and the ROK made good progress in the implementation of the POA.
ASEAN and the ROK commemorated the 20th Anniversary of ASEAN-ROK dialogue relations in 2009. The ASEAN-ROK Commemorative Summit was held on 1-2 June 2009 in Jeju Island, the ROK. The Summit issued a Joint Statement of the ASEAN-Republic of Korea Commemorative Summit.
The 13th ASEAN-ROK Summit on 29 October 2010 in Ha Noi agreed to elevate ASEAN-ROK dialogue relations from comprehensive cooperation to strategic partnership. In order to concretise the elevation, the Leaders adopted the Joint Declaration on ASEAN-ROK Strategic Partnership for Peace and Prosperity and its Action Plan, which covers the period of 2011-2015.