Vietnam, EFTA poised to finalize FTA later this year
Swiss SMEs operating in the manufacturing sector are anticipated to invest in Vietnam in the coming time |
This information was released by Vietnamese Ambassador to Switzerland Le Linh Lan during the “Webinar Market Focus Vietnam” event on March 2 which was jointly held by the Vietnamese Embassy in Switzerland, the Geneva Chamber of Commerce, Industry and Services, and the Switzerland-Vietnam Business Group (SVBG).
Since 2012, Vietnam and the EFTA have been in the process of officially conducting negotiations for FTAs, although negotiations have encountered various difficulties, mainly relating to intellectual property rights and public finance.
The Vietnamese Ambassador stated that both sides are currently striving to speed up the FTA negotiation process in an effort to finalise the signing of the FTA this year. Once implemented, the deal is expected to offer numerous advantages for Swiss investors that are keen to do business in the country.
In line with this, foreign investors are likely to benefit from 15 FTAs signed by the nation, including the EU – Vietnam Free Trade Agreement (EVFTA) and the Regional Comprehensive Economic Partnership (RECP).
Furthermore, Switzerland represents an important trading partner and is the sixth largest European investor in the country with total investment capital of roughly US$2.058 billion, the majority of which is focused on the processing, manufacturing, and electricity sectors.
At present, approximately 100 major Swiss enterprises and groups are operating domestically, including Nestlé, Novatis, Roche, Holcim, and ABB.
According to experts, following the initial wave of large Swiss corporations pouring investment capital into Vietnam, more small and medium enterprises (SMEs) operating in the fields of service, manufacturing, and technology are anticipated to invest in the Southeast Asian nation in the time ahead.
Related News
Wood exports started well
13:26 | 20/04/2024 Import-Export
Leverage to increase the scale of Vietnam - Laos trade turnover
10:51 | 15/04/2024 Import-Export
Vietnam-China trade reaches over US$ 27 billion
09:29 | 10/04/2024 Import-Export
Negotiating actively FTAs, increasing benefits for businesses
09:32 | 10/04/2024 Import-Export
Latest News
More efforts needed to maintain export growth to China: Insiders
13:55 | 23/04/2024 Import-Export
It is expected that there are higher orders and revenue in the second quarter from European businesses
09:31 | 23/04/2024 Import-Export
Vietnamese rice prices on the hike
15:08 | 22/04/2024 Import-Export
FDI flow into garment and textile sector bounces back
15:06 | 22/04/2024 Import-Export
More News
Investors play a key role in developing the industrial park system
10:38 | 22/04/2024 Headlines
Find ways to a corporation for businesses in industrial parks
10:38 | 22/04/2024 Import-Export
Export turnover of two agricultural product groups grows three-digit
18:10 | 21/04/2024 Import-Export
Early warnings reduce risks in trade defense
18:09 | 21/04/2024 Import-Export
Rubber exports are flourishing, promising potential
17:51 | 20/04/2024 Import-Export
Vietnam becomes biggest rice supplier for Singapore
17:49 | 20/04/2024 Import-Export
Vietnam an attractive destination for electronics, semiconductor investors: Official
17:41 | 20/04/2024 Import-Export
Take advantage of e-commerce leverage for export
13:25 | 20/04/2024 Import-Export
Vietnam earns 1.43 billion USD from rice exports in Q1
15:50 | 19/04/2024 Import-Export
Your care
More efforts needed to maintain export growth to China: Insiders
13:55 | 23/04/2024 Import-Export
It is expected that there are higher orders and revenue in the second quarter from European businesses
09:31 | 23/04/2024 Import-Export
Vietnamese rice prices on the hike
15:08 | 22/04/2024 Import-Export
FDI flow into garment and textile sector bounces back
15:06 | 22/04/2024 Import-Export
Investors play a key role in developing the industrial park system
10:38 | 22/04/2024 Headlines