Industry and Trade sector disseminates information on Vietnam's FTAs
A seminar to disseminate information on the free trade agreements (FTAs) Vietnam has signed was organised in the Mekong Delta province of Tien Giang on July 14.
At the seminar, Deputy Minister of Industry and Trade Tran Quoc Khanh introduced the contents of the Trans-Pacific Partnership (TPP) and the FTA between Vietnam and the European Union (EU), including import-export duties, service and investment, intellectual property protection and e-trade.
Deputy minister Tran Quoc Khanh also highlighted the opportunities and challenges brought by the FTAs.
The Deputy minister said those deals will help promote trade between Vietnam and the EU and the TPP participating member nations, adding they will also open up a new chapter in improving economic growth, creating more jobs and raising income.
However, the official recommended localities update information, grasp international commitments, speed up administrative procedure reform and promote competitiveness.
Deputy minister Tran Quoc Khanh also highlighted the opportunities and challenges brought by the FTAs.
The Deputy minister said those deals will help promote trade between Vietnam and the EU and the TPP participating member nations, adding they will also open up a new chapter in improving economic growth, creating more jobs and raising income.
However, the official recommended localities update information, grasp international commitments, speed up administrative procedure reform and promote competitiveness.
Vietnam's clothing and footwear product has a huge advantage for exports brought by the FTAs.
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The trade pacts will allow Vietnam to boost its Gross Domestic Products (GDP) by 23 billion USD in 2020 and over 33 billion USD in 2025 while the country also expects to add approximately 70 billion USD into its export revenue.
Vietnam is likely to be the biggest winner of the TPP as the reduced custom duties will trigger more exports of Vietnamese products.
According to the World Bank, the TPP may expand Vietnam’s GDP and exports by 33.6 billion USD and 68 billion USD, respectively, in 2025, as the zero customs duties in large markets like the United States, Japan and Canada would create a huge advantage for the country’s exports, particularly of key industries including clothing, footwear and timber products.
Besides, Vietnamese consumers and businesses will have access to high-quality goods and input materials with lower prices, while a new wave of foreign investment into the country is also expected.
Vietnam is likely to be the biggest winner of the TPP as the reduced custom duties will trigger more exports of Vietnamese products.
According to the World Bank, the TPP may expand Vietnam’s GDP and exports by 33.6 billion USD and 68 billion USD, respectively, in 2025, as the zero customs duties in large markets like the United States, Japan and Canada would create a huge advantage for the country’s exports, particularly of key industries including clothing, footwear and timber products.
Besides, Vietnamese consumers and businesses will have access to high-quality goods and input materials with lower prices, while a new wave of foreign investment into the country is also expected.
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