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]
He made the remarks at a workshop on the Vietnam-EU FTA hosted by Movement of French Enterprises (Medef) and Asia Center in Paris on Saturday.Speaking at the workshop, Vietnamese Deputy Minister of Industry and Trade Tran Quoc Khanh noted that both sides are completing the agreement in terms of languages and legal regulations to submit to higher levels in early next year for official signing and ratification. ... [read more]
Recently, all exports of Vietnam to the European Union (EU) will be given the generalised scheme of preferences (GSP), said Mr Dang Hoang Hai, Director of the European Market Department under the Ministry of Industry and Trade, at the Vietnam - EU Business Forum held by the Ho Chi Minh City Branch of the Vietnam Chamber of Commerce and Industry (VCCI-HCM) and the EU Delegation in Vietnam within the framework of the European Week in Ho Chi Minh City. Delivering an opening speech to the forum, VCCI - HCM Director Vo Tan Thanh expressed his hope that the forum would…... [read more]
The Vietnamese Ministry of Industry and Trade in collaboration with Ministry of Foreign Affairs and Trade of Korea and the Korean Chamber of Commerce and Industry recently organised a seminar "Vietnam - Korea FTA negotiation". The event aimed to bring opportunities and create market access strategies for enterprises of the two countries. At the seminar, Mr Choi Kyonglim, Deputy Minister of Foreign Affairs and Trade of Korea said that Vietnam-Korea relations have developed rapidly in all fields and to a new height which is the strategic partnership. The two countries have set a target to bring bilateral trade to US$20…... [read more]
The Hanoitimes - Vietnamese officials and businesses believe that once the Vietnam-EU Free Trade Agreement (FTA) is inked, the EU's foreign direct investment (FDI) in Vietnam will increase. The scenario has also been confirmed by Vietnam's foreign partners, especially the EU. Massimiliano Guelfo, Chair of the Italian Chamber of Commerce and Industry (ICham), spoke at the workshop on April 7 about the opportunities and challenges that the Vietnam-EU FTA can bring to Vietnam held in Hanoi and affirmed that the FTA would help increase the EU's investment in Vietnam. "European enterprises will increase their investments in Vietnam, because they see…... [read more]
VietNamNet Bridge - If Vietnamese enterprises have thorough preparations, they can take full advantage of the opportunities to be brought by free trade agreements (FTA) between Vietnam and other countries in the world. Vietnam is under the negotiations for a series of FTA with countries and blocs. According to the Ministry of Industry and Trade (MOIT), to date, Vietnam and Chile has conducted seven negotiation sessions on a bilateral FTA. The ministry believes that it is very likely that the two sides will reach an FTA after some more negotiation sessions. Meanwhile, Vietnam and Canada have reached the consensuses on…... [read more]
