New-generation Free Trade Agreements (FTAs) are expected to help Viet Nam become more competitive if the country reduces trading costs and improves its business environment, experts said on Tuesday at a conference in HCM City.

With revenue of $2.35 billion in 2018 and an annual growth rate of 25-30 percent per annum, the Vietnamese market is highly attractive to foreign brands.

The EU Vietnam free trade agreement (EVFTA) has been compared to a highway which allows businesses to go faster and boost their exports.

The benefits brought by EVFTA, CPTPP and other free trade agreements are described as ‘tonics’ and ‘supplements’ for Vietnam.

The US-China trade war and new FTAs have given a push to Vietnam’s textile and garment industry, helping it gain two-digit growth rates.

Contrary to all predictions, Vietnamese retailers are competing on an even footing with foreign counterparts in the domestic market.

The opportunities are great for Vietnam’s woodworks industry, but great challenges exist as well, experts say.

Sectors which have seen high growth in the past few years such as wooden furniture, garments and textiles, seafood and steel are being placed under special supervision to avoid having high tariffs and trade sanctions imposed by other nations.

The product items of labor-intensive industries that investors hope will benefit from the production relocation movement, including textile & garments, footwear and toys, still have not seen export growth breakthroughs in the US as expected.

The footwear sector has optimised opportunities from free trade agreements (FTAs) that Vietnam has signed to increase exports, according to insiders.

Contributions from import taxes to the state budget will fall by nearly VND44t trillion ($1.88 billion) in 2020 after several free trade agreements took effect.

Prime Minister Nguyen Xuan Phuc witnessed the signing of the Vietnam-EU Free Trade Agreement and the Investment Protection Agreement in Hanoi on June 30.

Party General Secretary and President Nguyen Phu Trong and President of the Russia Federation V. V. Putin have exchanged greetings on the occasion of the 25th anniversary of the treaty on basic principles for the bilateral friendship.

Vietnam’s fruit exports to China in Q1 decreased by 6.3 percent compared with the same period last year. The door to the biggest export market is narrowing.

The doors to export markets have opened after the signing of government-to-government agreements. However, enterprises still have to overcome many challenges.

Vietnam’s textile and garment may not be able to take full advantage of the preferential tariffs of two important FTAs, CPTPP and EVFTA, because of problems in input materials.

Japanese investment in Vietnam is expected to grow this year, given Japan’s recent initiative to shift investment to Vietnam and other Mekong River nations, as well as free trade agreements (FTA), experts said.

Higher import tariffs proposed by the government are expected to restrict imports of trucks and specialized vehicles from China.

Japanese investment in Viet Nam is expected to grow this year, given Japans recent initiative to shift investment to Viet Nam and other Mekong River nations, as well as free trade agreements (FTA), experts said.

VietNamNet Bridge - Vietnam’s membership in free trade agreements (FTAs) is expected to bring big economic development opportunities to Vietnam.