Vietnam involved in 16 FTAs

Vietnam has signed and will sign 16 free trade agreements FTA the Government said in a report sent to the National Assembly Standing Committee this week.
vietnam involved in 16 ftas

The Government report on acceleration of international economic integration signed by Minister of Industry and Trade Tran Tuan Anh indicates that Vietnam has inked 10 FTAs, concluded negotiations over two FTAs, and is in talks over four FTAs.

In particular, the nation has joined six regional FTAs as an ASEAN member, including the ASEAN Free Trade Area (AFTA) and the five FTAs between ASEAN and China, Japan, South Korea, India, Australia and New Zealand, as well as four bilateral FTAs with Chile, Japan, South Korea and the Eurasia Economic Union (EAEU).

The nation has concluded negotiations over an FTA with the European Union (EU) and the Trans-Pacific Partnership (TPP) trade pact.

The remaining FTAs that are being negotiated include the Regional Comprehensive Economic Partnership (RCEP), the Hong Kong-ASEAN FTA, the FTA with Israel, and the FTA with the European Free Trade Association (EFTA).

The report has revealed five major shortcomings in Vietnam’s international economic integration.

First, the global economic integration has exposed the underlying weaknesses of the economy. The current economic structure and growth quality have not improved much. Growth over the past time has mainly relied on factors such as credit and cheap labor, without the significant contribution of labor productivity, knowledge or technology.

Second, investment efficiency is not as high as desired. Foreign direct investment (FDI) attraction policies are still not desirable. The number of FDI projects has increased, but their quality is not assured as their technology is mostly outdated.

Third, the competitiveness of Vietnam’s economy, firms and products is still weak, compared to other countries. Spearhead economic sectors and enterprises having the potential to compete in regional and international markets are still limited.

Fourth, the development of the market economy has brought about positive changes, but has also revealed many setbacks. The markets for real estate, finance, labor, and science-technology have developed, but much improvement is still needed.

Finally, there have existed bottlenecks relating to institutions, infrastructure, and human resources hindering the development of the economy.

Source: Saigon Times

Related News

Vietnam, Korea Customs sign AEO MRA

Vietnam, Korea Customs sign AEO MRA

VCN- The Director General of the General Department of Vietnam Customs (GDVC), Mr Nguyen Van Tho, and the Commissioner of Korea Customs Service (KCS), Mr Ko Kwang Hyo, signed the Authorized Economic Operator Mutual Recognition Agreement (AEO MRA) on the afternoon of December 24, at the GDVC’s headquarters.
Prioritizing semiconductor workforce training

Prioritizing semiconductor workforce training

VCN - Vietnam is well-positioned to participate deeply in the global semiconductor industry. Experts believe that developing a skilled workforce in microchips and semiconductors should be a long-term priority to effectively capitalize on this opportunity.
Revenue faces short-term difficulties but will be more sustainable when implementing FTA

Revenue faces short-term difficulties but will be more sustainable when implementing FTA

VCN – The National Scientific Conference under the theme “Tax management for imports and exports in the context of FTA implementation: Current situation and solutions” was jointly held by the General Department of Vietnam Customs (GDVC) and the Academy of Finance, on December 11.
Vietnam-Cambodia: Looking back on journey of cooperation

Vietnam-Cambodia: Looking back on journey of cooperation

VCN – The bilateral meeting between the General Department of Vietnam Customs (GDVC) and the General Department of Customs and Excise of Cambodia (GDCEC) was held by the GDVC on December 9.

Latest News

Việt Nam establishes central steering committee to lead innovation and digital transformation

Việt Nam establishes central steering committee to lead innovation and digital transformation

This initiative seeks to position Việt Nam as a regional hub for digital technology industries and rank among the top 30 nations globally in innovation and digital transformation by 2045.
Ho Chi Minh City: Diversifying forms of support for businesses exporting goods

Ho Chi Minh City: Diversifying forms of support for businesses exporting goods

VCN - To help businesses increase their exports, Ho Chi Minh City has many forms of support and connection between businesses and foreign partners to expand their markets.
Year-end stimulus expected to boost economic growth

Year-end stimulus expected to boost economic growth

A series of year-end stimulus solutions is expected to spur Việt Nam’s economy to achieve the GDP growth target of over 7 per cent this year.
Enterprises focus on Tet care for employees

Enterprises focus on Tet care for employees

VCN - Tet bonuses are always an issue that receives special attention from employees at the end of each year. This year, the economy is facing many difficulties, many enterprises in the southern provinces have announced Tet bonuses, reflecting their tireless efforts to ensure the rights of employees.

More News

Experts point out economic growth drivers, challenges for next year

Experts point out economic growth drivers, challenges for next year

Several growth drivers are in place to help Việt Nam achieve its GDP growth rate goal of 6.5-7 per cent next year, but rapid and strong international fluctuations remain challenges to watch out for.
Việt Nam’s GDP growth to outpace region peers: Oxford Economics

Việt Nam’s GDP growth to outpace region peers: Oxford Economics

Việt Nam will be the standout among the top six ASEAN economies (ASEAN-6), growing at a faster pace relative to its peers during the next few years, according to the Oxford Economics, a global economic advisory firm.
PM asks efforts to achieve more than 8 per cent economic growth in 2025

PM asks efforts to achieve more than 8 per cent economic growth in 2025

Prime Minister Phạn Minh Chính has issued Official Dispatch No 137/CĐ-TTg on Friday on accelerating economic growth next year.
Việt Nam

Việt Nam's administrative restructuring will not impact foreign investors, says Foreign Ministry

Under the restructuring roadmap, the government will retain eight ministries and agencies but streamline their internal structures. For the remaining 14, the government will carry out reorganisation and mergers to reduce the number of administrative bodies.
Vietnam’s GDP growth to outpace region peers: Oxford Economics

Vietnam’s GDP growth to outpace region peers: Oxford Economics

Vietnam will be the standout among the top six ASEAN economies (ASEAN-6), growing at a faster pace relative to its peers during the next few years, according to the Oxford Economics, a global economic advisory firm.
Government Party Organisation must be elite, streamlined, ensure effective operations: PM

Government Party Organisation must be elite, streamlined, ensure effective operations: PM

Prime Minister Pham Minh Chinh, head of the Government Steering Committee for summarising the implementation of Resolution 18-NQ/TW of the 12th Party Central Committee, which seeks to streamline the political system for greater efficiency and effectiveness, chaired the fifth meeting of the committee in Hanoi on December 19.
Vietnam among Asia’s 15 largest economies

Vietnam among Asia’s 15 largest economies

The statistical visualisation platform Seasia Stats recently ranked Vietnam among the top 15 economies in Asia, with projected economic output reaching some 506 billion USD in 2025.
Chinese media praises Vietnam’s economic achievements, outlook

Chinese media praises Vietnam’s economic achievements, outlook

Chinese media outlets, including The Paper, CRI, Sohu, Sina, the Guangdong E-Commerce Association's website, and BWC, have published numerous reports and analyses highlighting Vietnam’s remarkable economic achievements in 2024 and its promising outlook for 2025.
Vietnam International Defence Expo 2024 opens

Vietnam International Defence Expo 2024 opens

The Vietnam International Defence Expo 2024 is due to kick off on December 19 morning at Gia Lam airport in Hanoi, gathering more than 200 units and enterprises from over 30 countries worldwide.
Read More

Your care

Latest Most read
Việt Nam establishes central steering committee to lead innovation and digital transformation

Việt Nam establishes central steering committee to lead innovation and digital transformation

This initiative seeks to position Việt Nam as a regional hub for digital technology industries and rank among the top 30 nations globally in innovation and digital transformation by 2045.
Ho Chi Minh City: Diversifying forms of support for businesses exporting goods

Ho Chi Minh City: Diversifying forms of support for businesses exporting goods

To help businesses increase their exports, Ho Chi Minh City has many forms of support and connection between businesses and foreign partners to expand their markets.
Year-end stimulus expected to boost economic growth

Year-end stimulus expected to boost economic growth

A series of year-end stimulus solutions is expected to spur Việt Nam’s economy to achieve the GDP growth target of over 7 per cent this year.
Enterprises focus on Tet care for employees

Enterprises focus on Tet care for employees

VCN - Tet bonuses are always an issue that receives special attention from employees at the end of each year. This year, the economy is facing many difficulties, many enterprises in the southern provinces have announced Tet bonuses, reflecting their tirel
Experts point out economic growth drivers, challenges for next year

Experts point out economic growth drivers, challenges for next year

Several growth drivers are in place to help Việt Nam achieve its GDP growth rate goal of 6.5-7 per cent next year, but rapid and strong international fluctuations remain challenges to watch out for.
Mobile Version