As 2018 brings newer and bigger free trade agreements (FTAs), Vietnamese enterprises are faced with tough choices. They can either adapt and move up the global supply chain, or stand by while imported goods flood the country’s market. Tran Thanh Hai, Deputy Director of the Ministry of Industry and Trade’s (MoIT) Import-Export Department, told Vietnam News Agency (VNA) that from 2018 onward, 85 per cent of Vietnamese exports will be subject to significantly lowered tariff levels of zero to 5 per cent. As part of the Government’s policy to increase economic self-reliance and promote sustainable imports and exports, exports of Vietnamese goods to FTA markets grew strongly in 2017, contributing US$213.8 billion to the year’s turnover of $408 billion, per the MoIT’s data. Hai was optimistic that Vietnamese businesses will benefit more from bilateral and multilateral FTAs with partner countries such as Hong Kong, Japan and the Republic of Korea (RoK). Nonetheless, Hai admitted that the process of raising Vietnamese exports’ value might not be as easy as expected. Since each FTA is tailor-made to suit member countries’ needs, they have different levels of commitments and standards. For example, he was greatly concerned by the fact that a Vietnamese automobile company would only be able to enjoy a zero per cent tax rate when exporting to ASEAN countries if their products have at least 40 per cent of components originating in Viet Nam. Therefore, Hai suggested domestic enterprises focus on meeting standards set by the Vietnam-Korea FTA (VKFTA) and the… [Read full story]
(VOV) - Vietnam should take advantage of free trade agreements (FTAs) signed with foreign countries to achieve its set target of 10-percent export growth in 2013. Taking advantage of FTAs FTAs expected to boost apparel exports FTAs good for Vietnam: US expert The suggestion was made by Pham Van Chinh, Head of the Import-Export Department under the Ministry of Industry and Trade (MoIT). He said preferential tariffs offered by FTAs will help Vietnamese exporters penetrate overseas markets while enjoying production expansion, trade promotion and incentive monetary policies. Chile and Japan which account for 25 percent of the world's total import…... [read more]
The conference attracted more than 100 Government representatives from a wide range of ministries, government authorities and provinces in addition to European embassies. A large contingent of leading European business leaders and companies were also in the audience, reflecting the strong interest of the business community of both societies in Vietnam and the trade treaty.In a keynote speech, H E Bruno Angelet, ambassador-head of the EU Delegation, said the treaty represents an important milestone in the bilateral commercial, economic and investment links between the EU and Vietnam.Mr Angelet said the trade agreement between the two economies and societies evidences the…... [read more]
The Lap An lagoon in the central province of Thua Thien-Hue was once famous for its plentiful marine resources and diversified ecosystem, thanks partly to a large area of mangrove forests that surrounded and protected it. Lap An Lagoon is destined to become a part of a golf course New mangroves have been planted in Lap An lagoon However, this precious resource, already depleted by aquaculture and an asphalt road, is in danger of being destroyed completely to make way for a golf course. An asphalt road running around 800ha of Lap An lagoon has been built in…... [read more]
Vitas President Vu Duc Giang unveiled the figures at a conference on November 26 in Hanoi assessing the outlook for the industry over the five-year period 2016-2020 and the impact that free trade agreements may have.“The major export markets are the US, EU, Japan, the Republic of Korea (RoK) and ASEAN,” said Giang, which are pretty much in a state of flux given the rapidly changing economic landscape brought about by global integration. At the conference speakers tossed around a lot of ‘pie in the sky’ numbers for industry exports over the next five year’s but obviously no one can…... [read more]
Social networking sites have mushroomed and expanded rapidly in recent years, connecting millions of people around the globe and satisfying people's need to interact easily and quickly. But, like most other technology-related things, the jury is still out on whether they are a force for good or evil. "I find it amazing that I can communicate with dozens of friends around the world at the same time without meeting them or calling them," Hoang Nhu Quynh Hoa, a colleague, says. "Nowadays people are so busy with their work that they might find it hard to have frequent face-to-face meetings. Social…... [read more]
