Trade revenue between Vietnam and the UK is expected to reach US$10 billion in the next one or two years thanks to strong support from the Vietnam-UK Free Trade Agreement (UKVFTA).

The Association of Southeast Asia Nations (ASEAN) Committee in coordination with the Customs Administration of the Czech Republic has held a webinar to introduce the electronic customs of the European country.

Vietnamese rice exporters have been urged to play a more active role in utilising free trade agreements (FTAs) to which Vietnam is a party to boost falling exports.

Vietnamese enterprises need to be proactive in terms of gaining knowledge of incentives, whilst simultaneously managing themselves in order to deal with gaps and weaknesses occurring in the implementation of FTAs, according to economic experts.

Vietnam is expected to reap a range of benefits in expanding ties with the UK on the back of the bilateral trade deal agreement taking effect on May 1.

The Regional Comprehensive Economic Partnership, the world’s largest trade pact, offers Vietnamese agricultural exporters an excellent opportunity to increase their participation in global value chains, experts said.

Officially taking effect at 11pm on December 31, 2020, the United Kingdom (UK)-Vietnam Free Trade Agreement (UKVFTA) has reopened the trade and investment bridge between the two countries after the UK left the European Union (Brexit).

Minister of Industry and Trade Tran Tuan Anh and UK Secretary of State for International Trade Liz Truss signed the agreed minutes on the conclusion of negotiations over the UK-Vietnam Free Trade Agreement (UKVFTA).

The Regional Comprehensive Economic Partnership (RCEP) is expected to boost regional and global supply chains and the economy of ASEAN members and partners.

Worries have been raised that RCEP will lead to a higher trade deficit with partners, especially China. But the Ministry of Industry and Trade (MOIT) doesn’t think so.

Other RCEP-member economies have the same export products as Vietnam’s, so If Vietnam’s production capability does not improve, the domestic market will become a playing field for Chinese and other foreign products.

If RCEP economies can be united to have a common voice, they will be able to overcome protectionism and unilateralism to develop.

Vietnam has puts high hopes on EVFTA, but the COVID-19 pandemic may make the path to realize its benefits a bumpy one.

Businesses in the leather and footwear industry await the ratification of the EVFTA to cash in on the enormous tax incentives coming with the landmark deal.

A new period of EU investment development in Vietnam is right around the corner, as the historic EU-Vietnam Free Trade Agreement (EVFTA) is expected to be adopted by the National Assembly early next month. 

Vietnam’s export s are expected to bounce back as many partners are gradually exiting lockdown, in addition to the positive effects of free trade agreements.

As one of the large European investors in Vietnam, Switzerland currently negotiates a free trade agreement with Vietnam so that its companies can invest more in untapped fields in the Southeast Asian country.

With the strides in opening its economy, Vietnam has improved its ranking to 105th on the 2020 Index of Economic Freedom by The Heritage Foundation.

Vietnam is the second country in Southeast Asia, following Singapore, that has signed an FTA with the EU.