Industry, trade sectors warned of fiercer competitions brought by FTAs
Vietnam’s trade and industry sectors have been warned about fiercer competitions when the free trade agreements (FTAs) that Vietnam has signed take effect.
Hanoi (VNA) – Vietnam’s trade and industry sectors have been warned about fiercer competitions when the free trade agreements (FTAs) that Vietnam has signed take effect.
Speaking at a workshop held in Hanoi on December 18, officials of the Ministry of Industry and Trade also admitted state management agencies need to change their way of thinking in building macro-economic policy and carrying out their management functions.
At the same time, the officials emphasized the vast opportunities that will come with the FTAs.
Luong Hoang Thai, Director of the Multilateral Trade Policy Department under the Ministry of Industry and Trade and deputy head of the government’s negotiation delegation on economic and international trade issues , said there are substantial chances for businesses to expand their market.
He added that as the FTAs are highly binding, they will ensure stability for the business circle.
Vietnam also has an advantage from the fact that it is one of the first countries in the region to sign an FTA with the European Union and the Trans-Pacific Partnership agreement, he said.
in 2015 Vietnam signed four important FTAs, which are the Trans-Pacific Partnership (TPP) agreement, and three others with the EU, the Eurasian Economic Union and the Republic of Korea.
Participants at the workshop noted that products of partne💃r countries in the four FTAs do not compe🔯te directly with Vietnamese goods, which is an advantage for the country.-VNA
Free Trade Agreements (FTAs) have increased in recent years, posing numerous opportunities and challenges for Vietnamese enterprises since tariffs are no longer a barrier. However, the liberalisation of services and investment is much harder to achieve.
The role of the National Assembly in ratifying and implementing free trade agreements (FTAs) was the focus of a workshop held by the NA Committee for External Relations and the US Agency for International Development (USAID) in central Thua Thien-Hue province on July 20.
Businesses need to pay heed to regulations in their import and export markets to optimise opportunities brought about by free trade agreements (FTAs), as a number of such deals have been or are to be signed, according to insiders.
Over 40 countries worldwide want to establish free trade agreements (FTA) with the Eurasian Economic Union (EAEU) which comprises Russia, Kazakhstan, Belarus, Armenia and Kyrgyzstan.
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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.
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The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
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This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
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The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
Deputy PM Tran Hong Ha urged countries to work together to remove supply chain bottlenecks, expand market access, strengthen cooperation in smart customs procedures, mutually recognise technical standards, and eliminate unnecessary protectionist barriers to boost trade and investment.
The event has gathered over 400 exhibitors from 16 countries and territories, with more than 980 booths showcasing a wide range of products and technologies in automotive components, electronics, repair and maintenance, bodywork, accessories, and customisation.
The latest order follows Vietjet’s commitment for 20 additional A330neo aircraft last month, bringing the airline’s total widebody aircraft on order to 40.
Minister of Finance Nguyen Van Thang acknowledged the target represents an important milestone for socio-economic development as well as a demonstration of the country’s aspiration for robust economic growth.
The price of E5 RON92 petrol is now capped at 20,631 VND (0.79 USD) per litre, up 1,169 VND from the previous adjustment, while RON95-III costs no more than 21,244 VND per litre, up 1,277 VND.
Illustrative image (Source: tapchitaichinh)
