The document, signed last December, will provide a legal basis for expanding customs clearance benefits such as streamlining procedures for Korean firms to export goods to Vietnam, according the RoK’s Ministry of Foreign Affairs.

Vietnam and the RoK signed the agreement on cooperation and mutual assistance in customs in 1995. In 2018, they agreed to consider amending this deal to reflect the changing trading environment and the upward trend in bilateral trade, and to boost support for exporters and importers.

An official of the RoK’s Foreign Ministry said the implementation of this protocol is expected to further fuel the recovery of trade with Vietnam, a large trade partner of the RoK, and enhance the competitiveness of Korean exporters and importers.