Latest News about FTAs
With ratification of the EU-Vietnam Free Trade Agreement and the EU-Vietnam Investment Protection Agreement, the floodgates are expected to open for a new wave of European investment into the Vietnamese market.
The landmark Comprehensive and Progressive Agreement for Trans-Pacific Partnership has been in force for more than a year now, influencing the trade activities of member economies.
The year 2020 is expected to bring about both opportunities and challenges for Vietnam to soar higher.
As an array of new-generation Free Trade Agreements (FTA) start to take effect in early this year, Vietnam’s export commodities can enjoy competitive advantages as a result of the removal of tariff barriers.
Reduced revenue from cutting taxes on imported goods in accordance with various FTAs Vietnam had signed was unlikely to affect State revenue, said the finance ministry in a conference held on December 12 in Hanoi.
Vietnam has gained certain achievements in completing the market mechanism, and adjusting the corresponding role of the State in the economy.
The contribution of import duty to customs revenue has been declining over the past few years, from 21.85% in 2017 to 17.4% in 2018 and 16.7% in 2019.
The $9 billion trade surplus helps improve the foreign currency supply and consolidate the current account, but the amount is not entirely praiseworthy in the context of trade war.
Free trade agreements (FTAs) had created opportunities for food imports and foreign investment in the domestic food industry, according to experts.
Vietnam has signed many free trade agreements (FTAs) since 2010 but its participation in so many FTAs makes no sense, noted Tran Toan Thang from the National Center for Socio-Economic Information and Forecast.
Vietnam’s exports have enjoyed significant expansion in terms of market scale and commodity structure, thereby making an outstanding contribution to the growth of the country’s export turnover.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership has opened up opportunities for Vietnam’s fine arts and handicraft products to make inroads into the 11 markets that have signed up to the trade pact.
According to the Vietnam Steel Association (VSA), in the first nine months of 2019, domestic steel output reached 18.83 million tons, an increase of 6.7 percent compared with the same period last year.
Participation in new generation FTAs opens new cooperation opportunities for businesses in Viet Nam’s agricultural sector, but challenges remain.
Labor force quality is still a main obstacle for Vietnam to overcome.
Existing factors in the market, especially strong FDI inflow, all are supporting the prosperity of the industrial real estate market.
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Many cities/provinces reject textile and garment projects because of fear of the negative impact on the environment.
With its series of recent free trade agreements, Vietnam is becoming very attractive to foreign businesses, especially in the textile and garment sector.