Vietnam’s involvement in 12 bilateral and multilateral free trade agreements with 56 economies around the world is expected to help the country expand its global economic integration. If the country attracts foreign direct investment effectively after the agreements take effect, this would help accelerate Vietnam’s modernisation and industrialisation.

Anticipating chances brought in by FTAs, many foreign enterprises have sought opportunities to invest in Vietnam.

The Foreign Investment Agency reported in 2016, FDI attraction in Vietnam increased by over 7 percent over 2015. In the first quarter of this year, the country lured 7.7 billion USD in FDI.

According to experts, new generation FTAs, such as the EU-Vietnam FTA, will consolidate the trust of both domestic and international businesses who wish to expand and develop production in Vietnam.

The EU-Vietnam FTA, expected to take effect in 2018, is hoped to boost Vietnam’s economic structure as well as reform institutions through attracting FDI.

FTAs are also a chance for Vietnamese enterprises to learn. Attracting investment from developed countries is one of the key measures to help Vietnam accelerate the country’s industrialisation and modernisation process.

VNA