Vietnam, EFTA poised to finalize FTA later this year

The nation’s Free Trade Agreement (FTA) with the European Free Trade Association (EFTA) is likely to be completed later this year to coincide with the country celebrating the 50th anniversary of diplomatic relations with Switzerland.
Swiss SMEs operating in the manufacturing sector are anticipated to invest in Vietnam in the coming time
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.

Source: VOV
vov.vn

Related News

Rubber exports grows sharply in June

Rubber exports grows sharply in June

VCN - According to Import – Export Tax Department (Ministry of Industry and Trade), Vietnam's rubber exports in June 2024 reached about 150 thousand tons, worth 238 million USD, up 77.6% in volume and 76.6% in value. Price compared to May 2024.
Vietnam rises 11 places in budget transparency ranking

Vietnam rises 11 places in budget transparency ranking

VCN - The results of the Open Budget Survey 2023 (OBS 2023) have just been announced by the International Budget Cooperation (IBP), Vietnam's budget transparency ranking continues to be raised to 57 out of 125 countries, climbing 11 places compared to the 2021 assessment period and rising 20 places compared to 2019.
South Korea is Vietnam’s leading trading partner

South Korea is Vietnam’s leading trading partner

VCN – South Korea has maintained its position as largest trading partners of Vietnam for many years.
Vietnam hopes to have a breakthrough in investment from Japanese ODA capital

Vietnam hopes to have a breakthrough in investment from Japanese ODA capital

VCN - On June 26, Minister Ho Duc Phoc had a meeting with Mr. Ito Naoki, Ambassador Extraordinary and Plenipotentiary of Japan to Vietnam. Speaking at the reception, the Minister said that Vietnam wanted to have a breakthrough in the process of investing ODA capital, focusing on large national projects.

Latest News

Technology increases competitiveness in the logistics race

Technology increases competitiveness in the logistics race

VCN - In the context that the logistics industry in Vietnam is forecast to continue to grow strongly, many businesses are actively applying technology and expanding service chains to take advantage of opportunities and keep pace with the general trend.
MoIT proposes key solutions to cope with rising sea freight prices

MoIT proposes key solutions to cope with rising sea freight prices

The Ministry of Industry and Trade (MoIT) has requested local associations and businesses to coordinate implementing key solutions to promote imports and exports as sea freight rates rise.
Vietnamese seaports to handle 1.2-1.4 billion tonnes of cargo by 2030

Vietnamese seaports to handle 1.2-1.4 billion tonnes of cargo by 2030

Vietnam's seaport cargo throughput is set to reach 1.2-1.4 billion tonnes by 2030, with container cargo expected to range from 46.3 to 54.34 million TEUs, according to a detailed plan for the development of seaport groups, wharfs, jetties, buoy berths, and water areas in 2021-2030, with a vision to 2050.
Binh Dinh seeks investment opportunities from Germany, France

Binh Dinh seeks investment opportunities from Germany, France

A delegation from the south central province of Binh Dinh led by Permanent Vice Secretary of the provincial Party Committee Le Kim Toan paid a working trip to Germany and France to explore investment opportunities from July 17-22, reported the provincial Department of Planning and Investment.

More News

Warnings as HRC steel imports continue to increase rapidly

Warnings as HRC steel imports continue to increase rapidly

The amount of imported hot-rolled coil steel in the first six months of this year increased sharply to an alarming level, 1.7 times higher than domestic production.
MoIT warns about international trade fraud

MoIT warns about international trade fraud

Trade experts said that the number of cases was increasing and taking place in all markets from Africa, the Middle East, India to developed countries such as the US, the Netherlands, and Italy.
Enterprises self- renovate to promote exports to the Central region

Enterprises self- renovate to promote exports to the Central region

VCN - Opportunities to cooperate and promote the export of products of Central region enterprises directly into foreign distribution networks and effectively participate in the global production value chain... are assessed to have a lot of potential.
Corporate culture "lighting the way" for sustainable development

Corporate culture "lighting the way" for sustainable development

VCN - The government aims to cultivate and develop numerous business leaders capable of heading strong economic conglomerates by 2030, leveraging their roles to lead and pave the way. To achieve this goal, financial strength alone is not enough; a robust foundation in business culture is essential.
The fast-moving consumer goods industry aims for green and sustainable development

The fast-moving consumer goods industry aims for green and sustainable development

VCN - Vietnam's consumer goods industry currently has the fastest growth rate in the ASEAN region. However, for sustainable development in the future, businesses in the fast-moving consumer goods industry need to aim for green consumption.
Stronger “medicine” needed to help businesses overcome difficulties

Stronger “medicine” needed to help businesses overcome difficulties

Businesses have suggested the Government maintain its support to help them overcome difficulties, recover production and business activities, and promote growth, given the fact that many of them still face difficulties despite the country’s GDP growth rate of 6.42% in the first half of this year.
Insiders optimistic about durian export to China

Insiders optimistic about durian export to China

Insiders believe in a bright prospect for durian export to China though the world’s largest durian consumer is expanding the cultivation of this fruit.
Vietnam

Vietnam's cashew industry facing fluctuations in raw material prices

VCN - Although exports recorded double-digit growth in the first half of 2024, Vietnam's cashew industry is facing fluctuations in raw material prices.
Many seafood enterprises focus on developing the domestic market

Many seafood enterprises focus on developing the domestic market

VCN - In addition to promoting exports, many seafood businesses are expanding their market share in the domestic market to complete their plans.
Read More

Your care

Latest Most read
Technology increases competitiveness in the logistics race

Technology increases competitiveness in the logistics race

VCN - Logistics plays an important role in the entire process from social production, import and export, circulation and distribution to consumption, creating added value, making an increasingly greater contribution to promoting the growth of the country'
MoIT proposes key solutions to cope with rising sea freight prices

MoIT proposes key solutions to cope with rising sea freight prices

The Ministry of Industry and Trade (MoIT) has requested local associations and businesses to coordinate implementing key solutions to promote imports and exports as sea freight rates rise.
Vietnamese seaports to handle 1.2-1.4 billion tonnes of cargo by 2030

Vietnamese seaports to handle 1.2-1.4 billion tonnes of cargo by 2030

Vietnam's seaport cargo throughput is set to reach 1.2-1.4 billion tonnes by 2030, with container cargo expected to range from 46.3 to 54.34 million TEUs, according to a detailed plan for the development of seaport groups, wharfs, jetties, buoy berths, and water areas in 2021-2030, with a vision to 2050.
Binh Dinh seeks investment opportunities from Germany, France

Binh Dinh seeks investment opportunities from Germany, France

A delegation from the south central province of Binh Dinh led by Permanent Vice Secretary of the provincial Party Committee Le Kim Toan paid a working trip to Germany and France to explore investment opportunities from July 17-22, reported the provincial Department of Planning and Investment.
Warnings as HRC steel imports continue to increase rapidly

Warnings as HRC steel imports continue to increase rapidly

The amount of imported hot-rolled coil steel in the first six months of this year increased sharply to an alarming level, 1.7 times higher than domestic production.
Mobile Version