return icon Vietnamnet.vn

Important trade pacts to be signed in 2015

Free trade agreements (FTAs) between Viet Nam and the Eurasian Economic Union, the Republic of Korea (RoK) and the European Union (EU) will be signed in 2015.
Free trade agreements (FTAs) between Viet Nam and the Eurasian Economic Union, the Republic of Korea (RoK) and the European Union (EU) will be signed in 2015.

{keywords}

This was announced by the Minister of Industry and Trade, Vu Huy Hoang, at a conference held in Ha Noi on Thursday.

Hoang said the FTA between Viet Nam and the EU was likely to be inked in June, while the agreement with the Eurasian Economic Union of Russia, Belarus and Kazakhstan might fructify at the end of May or in June at the latest.

Viet Nam and the RoK intend to sign a trade agreement on May 5.

Negotiations on the Regional Comprehensive Economic Partnership (RCEP) agreement are also expected to conclude by the end of this year, the minister said, adding that his ministry was preparing to begin negotiations on another FTA with Israel.

Speaking at the conference, Deputy Prime Minister Vu Van Ninh, who is also the Head of the Inter-sector Steering Committee for Economic International Integration, requested ministries and sectors involved to speed up the integration process.

He also pointed out several shortcomings, including weak coordination in the steering committee and between relevant offices, ineffective communication, and a lack of activity among enterprises and localities.

The Deputy Minister of Industry and Trade Tran Quoc Khanh, who is also the Government delegation's head and in-charge of economic and trade agreement negotiations, said differences in the ministry's point of view on several specific issues would hinder the negotiation process.

Delegates to the conference suggested renewing communication activities by directly disseminating the effects of economic integration in each sector and on each product to local people and enterprises.

Opportunities

Vietnamese enterprises need to work together to seize opportunities and overcome challenges that will arise from existing and future free trade agreements, economic experts said at a conference held in HCM City yesterday.

Viet Nam has signed and is negotiating several free trade agreements, including the Trans-Pacific Partnership, EU-Viet Nam FTA and Viet Nam-Korea FTA, which will bring great opportunities for domestic firms but more challenges, according to senior economist Le Dang Doanh.

The EU-Viet Nam FTA, which is expected to sign this year, will help increase Viet Nam's exports to the EU bloc by 30-40 per cent.

Exports of many kinds of Vietnamese goods, particularly textiles and garments, are expected to see a strong increase after the TPP is signed.

"But opportunities will not come automatically," he noted.

Businesses must be more proactive in taking advantage of lower tariffs and take part in the value chain of companies involved in TPP, he said.

But the higher requirements related to product origin, sanitary and phytosanitary standards, environmental protection and others under the TPP will be challenges for local firms, according to the economist.

In addition, technical barriers to trade on labels, packages, chemical residue and legality of materials will pose other challenges.

Local pig, pork and beef industries, most of which have small-scale production, will find it difficult competing with other TPP countries.

Regarding the ASEAN Economic Community, Doanh said it would usher in free movement of goods, services and skilled labour, as well as a freer flow of capital.

The reduction of tariffs on goods among ASEAN members would enable Vietnamese firms to boost exports as well as participate in the global production chain, he said.

But on the other hand, they would also face fierce competition in both domestic and international markets.
To become stronger, he urged local firms to join a consortium and establish production chains that involve enterprises, farmers, banks and research institutes.

Firms should also focus on investing in human resources and technology, and use IT in their operations.
Luong Van Tu, former head of the Viet Nam's WTO negotiation team and chairman of the Viet Nam Coffee and Cocoa Association, said TPP would offer both opportunities and challenges for local firms, requiring the latter to enhance co-operation and use each other's products.

Many foreign investors had increased investment in Viet Nam to take advantage of changes brought from TPP, he said.

Many Japanese and EU companies had gradually taken their investment out of China and transferred it to Viet Nam.

Tu said more foreign companies would be buying stakes in local companies in the coming time.

VNS

MORE NEWS

Sli singing - the soul of Nung ethnic minority people

Sli is a unique folk singing style of the Nung ethnic minority people in Vietnam’s northern region, which is performed as a call and response between young men and women.

Vietnam spends US$9 billion importing oil, petrol products in 2022

South Korea was the largest petroleum supplier of Vietnam, with 3.22 million tons, up 96% year on year.

Vietnam named among top food destinations by Gordon Ramsay

Vietnam's rich cuisine has made it a favorite culinary destination not only for Michelin-starred chef Gordon Ramsay but also for food lovers worldwide.

Hang Sao- a unique cave pagoda in Yen Bai

Hang Sao is one of the beautiful and sacred pagodas in Yen Bai, believed to be discovered in the reign of the sixth Hung King.

Vietnam has great opportunity to be a global production base

Vietnam is becoming a destination for global manufacturers, an opportunity that needs to be taken full advantage of.

Lai Chau ginseng: a hidden national treasure

Ethnic people in Lai Chau province have long used locally-grown ginseng to improve their health.

Late artist Nguyen Tu Nghiem’s works on display in rare exhibition

This rare opportunity for art lovers to see the artist’s works is being held to honour his career, which spanned over 70 years in the 20th and 21st centuries.

Authorities to boost implementation of OV-related tasks: official

Efforts will be accelerated in 2023 to implement tasks relevant to overseas Vietnamese (OV) affairs, said Deputy Foreign Minister and Chairman of the State Committee for OV Affairs Pham Quang Hieu.

Censorship council under pressure when approving films related to private life

Director of the Cinema Department Vi Kien Thanh said the censorship council bears increasing responsibility, especially when censoring films related to private lives.

Young VN talent awarded 2023 Clay Research Fellowships

Pham Tuan Huy, 27, has become only the second Vietnamese talent to receive an award from the Clay Mathematics Institute (CMI) which gives out various prizes and sponsorships to promising mathematicians from around the world.

AFC praises Park Hang-seo’s “lasting legacy” in Vietnamese football

The Asian Football Confederation (AFC) has published an article titled “Park Hang-seo: A lasting legacy”, to honour the Korean coach after his magical five year journey with the Vietnamese men’s football team.

Discovering pig slaughtering festival in Vietnam

A traditional pig slaughtering festival got underway in Nem Thuong village of Bac Ninh city, northern Vietnam, on January 27 as part of activities to celebrate the new-year period.

Prague Airport wants to open direct air routes to Vietnam

Prague Airport in the Czech Republic is planning to launch new direct air routes to North America and Asia, including Chicago (US) and Vietnam.

Mural village woos more visitors to Quang Binh

The coastal village of Canh Duong in Quang Trach district, central Quang Binh province, is known for its breathtaking natural scenery. But now, the 400-year-old village attracts visitors with its beautiful and unique murals.

Intertwined opportunities, challenges for Vietnam’s economy in 2023

With certain headwinds predicted for the global economy in 2023, Vietnam too, faces considerable challenges. But opportunities are also significant if concerted and appropriate solutions are taken, an expert has said.
back_to_top