Vietnamese Minister of Industry and Trade Vu Huy Hoang and Minister for Trade of the Ministry of Foreign Affairs and Trade of the Republic of Korea Bark Tae Ho officially launched negotiations on a free trade agreement (FTA) between Vietnam and South Korea in Vietnam's capital Hanoi on Monday.

At the launching ceremony, the two sides agreed to reach a free trade agreement in accordance with the rules of the World Trade Organization (WTO) while adjusting commitments in the ASEAN-South Korea Free Trade Agreement and considering the development difference between the two countries.

The two ministers agreed to organize the first round of talks soon to discuss details of the scope and field of adjustment of the agreement.

South Korean minister Bark Tae Ho said that the Vietnam-South Korea FTA would further boost the bilateral politic, economic and cultural relations between the two countries.

According to Vu Huy Hoang, since the establishment of diplomatic relations in 1992, the Vietnam-South Korea bilateral trade turnover has increased from 500 million U.S. dollars to nearly 18 billion U.S. dollars in 2011. The Vietnam-South Korea FTA is expected to push the figure up to 20 billion U.S. dollars before 2015.