On the afternoon of December 24, 2024, at the headquarters of the General Department of Vietnam Customs, Mr. Nguyễn Văn Thọ, Director General of Vietnam Customs, and Mr. Ko Kwang Hyo, Commissioner of Korea Customs Service, signed the Mutual Recognition Agreement on Authorized Economic Operators (AEO MRA).
Following the signing of the AEO MRA, AEOs from both countries will be eligible for preferential treatment under the AEO programs of Vietnam and Korea. Both parties are currently completing the necessary procedures to establish the legal framework for implementing the AEO MRA program.
According to Korea Customs Service statistics, as of August 2024, Korea had 935 AEOs, accounting for approximately 50% of the country’s export value and 70% of its import value. In Vietnam, as of August 2024, there were 76 AEOs, whose import and export activities constituted over 30% of Vietnam’s total import-export turnover.
This agreement was signed based on the commitments outlined in the Revised Protocol to the Agreement between Vietnam and Korea on Cooperation and Mutual Assistance in Customs Matters, signed in December 2022 and effective as of September 2023.
(Source: General Department of Vietnam Customs)
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