Local businesses are expecting more opportunities to open up for exportin the near future as several free trade agreements (FTA) betweenVietnam and other countries are being negotiated.
In mid-October, the first session of a multi-national working partyrepresenting Vietnam, Russia, Belarus and Kazakhstan took placein Hanoi to prepare for the first researches on the impact of a freetrade area between Vietnam and the Russia-Belarus-Kazakhstan customsalliance.
According to Dang Hoang Hai, Head ofthe European Market Department under the Ministry of Industry and Trade(MoIT), if a FTA is established, Vietnamese businesses will have moreopportunity to trade in the Eastern European market as they do not facedirect competition. In particular, agricultural products – a Vietnamesestrongpoint – will get a better foothold in this market.
Also this month, the third round of negotiations on the trans-PacificPartnership Agreement (TPP) was held in Brunei with eight countriestaking part, including Singapore, Brunei, Australia, the US, NewZealand, Chile, Peru and Vietnam. The TPP is expected to stimulategrowth for businesses that operate in the Asian-Pacific region, which isseen as one of the world’s most dynamic markets.
According to the President of the Vietnam Garments and Textiles Group(Vinatex) Le Quoc An, if Vietnam becomes a TPP member, garmentsmanufacturers will have an enormous opportunity, especially in the USand South American markets. “Therefore, businesses are waitingexpectantly for this agreement to be signed,” he said.
In addition, Vietnam is also actively preparing for FTA negotiations with Chile .
However, Vietnamese businesses are still weak in taking advantage oftariff preferences from FTA. They have failed to form alliances withregional businesses to make the most of tariff preferences and access tonew technologies.
It is difficult for Vietnam toestablish a new export market or find markets with large consumerdemands, say experts, who emphasised the importance of taking advantageof tariff preferences in large markets such as Eastern Europe, the EU,the US, Japan, the Republic of Korea and India, who Vietnam willestablish FTAs with.
They recommended thatVietnamese businesses should keep a close watch on FTA negotiationsbetween Vietnam and the aforementioned partners to prepare to takeadvantage of these markets.
According to the MoIT,Vietnam, together with ASEAN, has to date signed and implemented FTAswith six major partners in East Asia, including the ASEAN-China FreeTrade Agreement (ACFTA), the ASEAN-RoK Free Trade Agreement (AKFTA), theASEAN-Japan Comprehensive Economic Partnership (AJCEP); theASEAN-Indian Free Trade Agreement (AIFTA) and the ASEAN-Australia-NewZealand Free Trade Agreement (AANZFTA).
These agreements were valued as essential for Vietnam to increase its export turnover./.
In mid-October, the first session of a multi-national working partyrepresenting Vietnam, Russia, Belarus and Kazakhstan took placein Hanoi to prepare for the first researches on the impact of a freetrade area between Vietnam and the Russia-Belarus-Kazakhstan customsalliance.
According to Dang Hoang Hai, Head ofthe European Market Department under the Ministry of Industry and Trade(MoIT), if a FTA is established, Vietnamese businesses will have moreopportunity to trade in the Eastern European market as they do not facedirect competition. In particular, agricultural products – a Vietnamesestrongpoint – will get a better foothold in this market.
Also this month, the third round of negotiations on the trans-PacificPartnership Agreement (TPP) was held in Brunei with eight countriestaking part, including Singapore, Brunei, Australia, the US, NewZealand, Chile, Peru and Vietnam. The TPP is expected to stimulategrowth for businesses that operate in the Asian-Pacific region, which isseen as one of the world’s most dynamic markets.
According to the President of the Vietnam Garments and Textiles Group(Vinatex) Le Quoc An, if Vietnam becomes a TPP member, garmentsmanufacturers will have an enormous opportunity, especially in the USand South American markets. “Therefore, businesses are waitingexpectantly for this agreement to be signed,” he said.
In addition, Vietnam is also actively preparing for FTA negotiations with Chile .
However, Vietnamese businesses are still weak in taking advantage oftariff preferences from FTA. They have failed to form alliances withregional businesses to make the most of tariff preferences and access tonew technologies.
It is difficult for Vietnam toestablish a new export market or find markets with large consumerdemands, say experts, who emphasised the importance of taking advantageof tariff preferences in large markets such as Eastern Europe, the EU,the US, Japan, the Republic of Korea and India, who Vietnam willestablish FTAs with.
They recommended thatVietnamese businesses should keep a close watch on FTA negotiationsbetween Vietnam and the aforementioned partners to prepare to takeadvantage of these markets.
According to the MoIT,Vietnam, together with ASEAN, has to date signed and implemented FTAswith six major partners in East Asia, including the ASEAN-China FreeTrade Agreement (ACFTA), the ASEAN-RoK Free Trade Agreement (AKFTA), theASEAN-Japan Comprehensive Economic Partnership (AJCEP); theASEAN-Indian Free Trade Agreement (AIFTA) and the ASEAN-Australia-NewZealand Free Trade Agreement (AANZFTA).
These agreements were valued as essential for Vietnam to increase its export turnover./.
