Vietnam – South Korea officially exchange e-C/O from July 1, 2023

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At the end of October 2022, based on the results of the Subcommittee on Customs and Origin of the Vietnam – South Korea Free Trade Agreement (VKFTA), the General Department of Customs and the Ministry of Industry and Trade signed a Memorandum of Understanding to run the EODES. Accordingly, the parties have actively prepared for the pilot connection in April 2023 and the official connection in July 2023.

Under the witness of President of the Republic of South Korea and President Vo Van Thuong, Deputy General Director of Vietnam Customs Nguyen Van Tho, Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan and South Korean Customs Service Commissioner Yoon Tea Sik signed a Joint Statement on the EODES connection.

With the efforts of the parties, the official connection of the EODES from July 1, 2023 is an important factor for the two countries' trade to reach the target of US$100 billion in 2023 and US$150 billion in 2030.

On this occasion, the South Korea Customs Service Commission also had a meeting with Vietnam Customs on June 23, 2023. At the meeting, the two sides agreed on a number of cooperation contents in the near future.

Accordingly, the two sides agreed to cooperate in three areas, specifically:

Cooperation in information sharing and the fight against drug trafficking

On the basis of the Joint Declaration for A Drug-Free that Vietnam Customs signed with the South Korean Customs and Asia-Pacific countries on the occasion of South Korea Customs Week in April 2023, the two sides will work together to implement the contents of the Joint Declaration. The two sides will continue to support and participate in drug control campaigns initiated by Korean Customs. Accordingly, the two sides will strengthen coordination and exchange of information on drug prevention and control between the two Customs administrations to promptly prevent and effectively fight against illegal drug transportation between Vietnam and South Korea.

Cooperation in AEO field

The Protocol amending the Agreement on Cooperation and Mutual Assistance in Customs, signed in December 2022, is an important foundation for the signing of the Agreement on Mutual Recognition of Authorized Economic Operators (AEO). With the efforts of the two administrations, the negotiation of this agreement will soon be realized.

Strengthen cooperation to jointly deal with challenges in customs clearance activities

The two sides will continue to cooperate and share experiences on modern customs management measures such as digital customs, smart customs as well as customs management at seaports and airports to help implement the Customs Strategy of Vietnam Customs. In addition, the two sides will work closely to minimize the risk of supply chain disruptions and maintain trade flows.

At the meeting, the two sides held a ceremony to announce the launching of the EODES. The official launching of this system is expected to contribute to reforming administrative procedures, reducing the burden on each country's importers when they have to wait for the original certificate of origin (C/O) to submit to the customs authority of the importing country to enjoy FTA tariff preferences.

According to the assessment of the parties, over the past 30 years of establishing diplomatic relations between Vietnam and the Republic of South Korea, the two-way trade turnover has continuously grown strongly, from US$500 million in 1992 to nearly US$87 billion in 2022 and is expected to reach US$100 billion in 2023.

Vietnam and South Korea are currently "comprehensive strategic partners" in many fields, including economic, trade and investment cooperation, which is both a pillar and a key driving force for promoting bilateral cooperation. One of the efforts to facilitate trade to reduce time and costs for import-export enterprises is administrative reform. Accordingly, the EODES is said to be a great reform step, helping shorten customs clearance process through e-C/O data.

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This remarkable result cannot fail to mention the role of the two Customs administrations, with the specific task as law enforcement agencies, on the one hand, effectively controlling the flow of goods across-border, ensuring trade compliance and promptly preventing customs violations, on the other hand, facilitating lawful trade of participants in international supply chains.