Vietnam, South Korea to Boost Bilateral Trade

Within the framework of the state visit to Vietnam by President of the Republic of Korea (RoK) Yoon Suk Yeol at the invitation of Vietnamese President Vo Van Thuong, on June 26, leaders of the Vietnamese Ministry of Industry and Trade, the General Department of Vietnam Customs and the General Department of Customs of South Korea signed a joint statement on the operation of the Electronic Origin Data Exchange System (EODES) on the basis of the “Memorandum of Understanding on the Electronic Origin Data Exchange System” to facilitate the implementation of the Free Trade Agreement between Vietnam and Korea (VKFTA) and the Framework Agreement on Comprehensive Economic Cooperation among the Governments of the Member Countries of ASEAN and the Government of the Republic of Korea (AKFTA) signed in October 2022.

Leaders of the Vietnamese Ministry of Industry and Trade, the General Department of Vietnam Customs, and the General Department of Customs of South Korea signed a Joint statement on the operation of the Electronic Origin Data Exchange System (EODES). Photo: Cong Thuong

The EODES will be technically connected from July 1, 2023, to transmit and receive C/O data of the AK form and electronic VK/KV form. The two sides have agreed on using the electronic C/O data transmitted through the EODES for customs clearance of goods and tax incentives. At the same time, the relevant authorities still issue paper copies of these C/O forms according to current regulations to serve the purposes of record keeping and post-inspection.

Thanks to this system, the process of issuing electronic C/O forms in the exporting country is shortened, reducing costs incurred for businesses. This is also a premise for Vietnam and South Korea to gradually switch to fully electronic C/O issuance within the framework of the FTAs ​​to which the two countries are members, which promotes further development of trade, investment, and production activities between enterprises of the two countries.

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