Việt Nam and the European Free Trade Association have launched the 18th round of free trade talks in Đà Nẵng, aiming to reach a basic agreement, the Ministry of Industry and Trade said.
ASEAN’s rapidly growing consumer market continues to present major opportunities for Vietnamese enterprises, though firms are increasingly required to meet higher technical and origin standards.
The latest round of talks will take place in Kuala Lumpur from February 17 to 20, with discussions covering 11 key sectors, including goods, services, investment and economic cooperation.
Free trade agreements (FTA), including the latest one signed between Viet Nam and the EU, will benefit the domestic fertiliser sector, with more diverse import and export markets, experts said.
Joining new-generation free trade agreements (FTAs) will help Viet Nam diversify its economic and trade relations, especially expanding import and export markets, avoiding excessive dependence on a specific region and helping the economy cope better with external fluctuations.
According to Vietnam Customs, total tax collection of the sector has so far reached VND335.6 trillion (US$14.5 billion), an 11.6 per cent year-on-year increase and exceeding the target of the finance ministry.
Reduced revenue from removing taxes on imported goods - in accordance with various free trade agreements (FTA) that Viet Nam has signed - is unlikely to affect state revenue.
Opportunities provided by free trade agreements (FTAs) will only exist on paper if local authorities and enterprises do not take prompt and concrete actions to take advantage.
Viet Nam’s economy could grow between 6.9 and 7.1 per cent in the 2019-20 period under stable macroeconomic conditions that could boost FDI and promote economic restructuring and the implementation of FTAs.
Implementation of Free Trade Agreements (FTAs) has significantly reduced export tariffs for Viet Nam but national administrative reform, reduction of import-export expenditure and business environment renovation are the key factors to improve national competitiveness.
Globalisation promotes economic integration and fosters a new wave of bilateral and multilateral FTAs, creating opportunities and optimism about investment and business towards sustainable development, said PM Nguyen Xuan Phuc.
Vietnamese leather and footwear firms are implementing new production
and business strategies to make the most of the opportunities provided
by free trade agreements (FTAs), especially with Eurasia.