Binh Duong companies updated on new free trade agreements
Businesses in Binh Duong province was updated on the EU-Vietnam Free Trade Agreement (EVFTA) and the Trans-Pacific Partnership (TPP) agreement on September 23.
Binh Duong (VNA) – Businesses in Binh Duong province was updated on the EU-Vietnam Free Trade Agreement (EVFTA) and the Trans-Pacific Partnership (TPP) agreement o♔n September 23.
The event was also attended by Herb Cochran – Executive Director of the American Chamber of Commerce in Vietnam (Ho Chi Minh City) and representatives from the European Union Delegation to Vietnam.
It aimed to give local agencies and enterprises the latest information about the two agreements and Vietnam’s international economic integration, so they can make effective integration plans.
Herb Cochran provided participants an insight into important contents in the EVFTA and opportunities and challenges it will bring, along with an overall account of the EU market and the Vietnam-EU trade.
He also spoke about difficulties in the TPP ratification and problems related to the origin of apparel and footwear which are main export products of Vietnam.
As a major industrial hub in the south of Vietnam, Binh Duong contributed 21 billion USD to the country’s export revenue of 162.1 billion USD in 2015.
The EVFTA was officially signed on December 2, 2015, after over three years of negotiation. It is expected to come into force from 2018.
Meanwhile, economic ministers of the 12 TPP members signed the deal in New Zealand on February 4, 2016.
The TPP is now undergoing a two-year ratification period in which at least six countries – which account for 85 percent of the 12 nations’ combined gross domestic production – must approve the final text for the deal to be implemented.-VNA
President Tran Dai Quang has asked Slovakia to push for the EU’s signing of the EVFTA and recognition of Vietnam as a market economy soon, thereby boosting bilateral trade and investment.
There’s plenty of room for cooperation between Vietnam and the US despite slow enforcement of the Trans-Pacific Partnership (TPP) agreement, Vietnamese Ambassador to the US Pham Quang Vinh said.
The European – Vietnam Free Trade Agreement (EVFTA) would promote the flow of high-quality investments from the EU into the country with commitments on goods and services market access.
Trade between Vietnam and Mexico is expected to thrive once the Trans-Pacific Partnership (TPP) takes effect, heard a conference on September 13 in Hanoi.
A workshop themed “ EU-Vietnam free trade agreement (EVFTA): New opportunities” took place in Brussels, Belgium on September 14, aiming to propose ways to effectively implement the deal.
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In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
Illustrative image (Photo: VNA)
