The Korea-Vietnam free trade agreement has been reached on December 10 after 28 months of negotiations since beginning talks in August 2012. 

 Korean President Park Geun-hye held a meeting on the same day with Vietnamese Prime Minister Nguyen Tan Dung in Busan ahead of the 2014 ASEAN-Korea Commemorative Summit and declared a de facto conclusion of the free trade agreement between the two countries. Vietnam is the ninth largest trading partner to Korea and fourth largest in terms of foreign direct investment as of last year.

A Korean government official said, "Once the [Korea-Vietnam] free trade agreement goes into effect, it is likely to have an impact bigger than any other FTAs except the Korea-U.S. and the Korea-China FTA."

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