Vietnam capitalizes on FTAs

To date Vietnam has signed and is implementing 10 regional and bilateral FTAs, including a framework agreement on ASEAN – China economic cooperation, an ASEAN – Republic of Korea trade in goods agreement, an ASEAN – Japan comprehensive economic cooperation partnership deal, an agreement on establishing the ASEAN-Australia-New Zealand FTA, a Vietnam-Japan economic partnership agreement, and a Vietnam-Chile free trade deal.Among the FTAs to which Vietnam is a signatory, the EU-Vietnam Free Trade Area (EVFTA) is viewed as the most noteworthy, given its comprehensiveness, quality, and balance of benefits to both parties.  Under the agreement, the EU and Vietnam commit to opening as much as 99% of tariff lines and trade turnover. A 0% tax rate will be applied to export items in which the two sides have strengths. These are garments and textiles, footwear, seafood, tropical agricultural products, and wood furniture from Vietnam and automobiles, machinery, equipment, pharmaceuticals, and temperate farm produce from the EU.  EU businesses will enjoy incentives when investing and doing business in Vietnam, especially in financial and banking services, distribution, and transportation. Deputy Prime Minister Vuong Dinh Hue said the EVFTA will ensure that Vietnam is a transparent business environment and will attract qualified EU investment to Vietnam. He said “The EVFTA and new generation FTAs together with positive outcomes of Vietnam’s reform of its growth, investment, and business models and great potential can help Vietnam improve its relations with Belgium and the EU as a whole in all areas, especially in economics, trade, and… [Read full story]

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