On the afternoon of December 24, 2024, at the headquarters of the General Department of Customs, representatives from Vietnam Customs and the Korea Customs Service signed the Mutual Recognition Agreement (AEO MRA) on priority enterprises.  

This marks the culmination of efforts to implement commitments under the revised protocol of the Agreement between the Government of the Socialist Republic of Vietnam and the Government of the Republic of Korea on customs cooperation and mutual assistance.  

Vietnam Customs and South Korea Customs have negotiated the agreement on priority enterprises.  

Following the signing and implementing of the AEO MRA, the parties will promptly complete the necessary domestic procedures, establishing the legal basis for rolling out the program.  

Vietnam Customs stated that signing the mutual recognition agreement on priority enterprises is a global trend that significantly benefits businesses and simplifies customs management. The primary goal of the agreement is to deliver long-term advantages to enterprises.  

Priority enterprises in Vietnam, besides enjoying preferential treatment under Vietnamese law, will also benefit from the privileges stipulated in the AEO MRA with the signatory country.  

This is a major advantage, fostering economic development and international integration while enhancing the standing of Vietnam Customs. It also attracts more domestic businesses to participate in the priority enterprise program, promoting legal compliance within the business community.  

Additionally, the agreement effectively supports the implementation of provisions under the Vietnam–Korea Free Trade Agreement (VKFTA) and the World Trade Organization (WTO) Trade Facilitation Agreement.  

South Korea remains one of Vietnam’s top partners in various fields, including politics, investment, trade, industry, energy, and tourism.  

At the same time, South Korea considers Vietnam a key partner in its New Southern Policy. In the framework of bilateral trade cooperation, the agreement between the two customs authorities overseeing the priority enterprise program demonstrates the enduring and strengthened political trust between the two nations.  

This agreement broadens areas of cooperation, establishes a long-term and substantive cooperation mechanism in economics and trade, and deepens the comprehensive partnership between the two countries.  

According to South Korea Customs, as of August 2024, there were 935 priority enterprises in South Korea engaged in export-import, transportation, logistics, and port operations.  

South Korea’s priority enterprises account for about 50% of the country’s export turnover and 70% of its import turnover. Meanwhile, by August 2024, Vietnam had 76 priority enterprises, with export-import turnover exceeding 30% of the country’s total.  

A survey of priority enterprises regarding preferred partners for mutual recognition agreements indicated the most favored partners were the U.S. (35%), Japan (33%), followed by others like South Korea, ASEAN, and China.  

Between 2023 and the first quarter of 2024, around 60 priority enterprises in Vietnam engaged in export-import activities related to the South Korean market, with a total trade turnover reaching approximately 35 billion USD. Among these, 14 wholly South Korean-owned priority enterprises accounted for 30 billion USD, representing 85% of the total trade turnover involving the South Korean market.