Commitments The EU-Vietnam Free Trade Agreement (EVFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) are two among those 13 FTAs. These high-standard new-generation FTAs have new, non-traditional contents compared with previous FTAs. Commitments in these two FTAs are expected to have positive impacts on Vietnam’s administrative, legal and institutional reforms, requiring Vietnamese state management authorities to amend relevant regulations and simplify administrative procedures pertaining to the granting of investment and business licenses, as well as customs formalities and import, export procedures. Participation in these FTAs will help Vietnam enhance national competitiveness, as well as the competitiveness of the economy, businesses and products, accelerating the process of building a market economy in Vietnam. The two FTAs will contribute to forming production chains with tight linkages and assisting each other for mutual benefits, thus promoting technology transfer between regional countries, helping them stimulate production and enhance the capability to attract domestic and foreign investment. These impacts will be significant to Vietnam, especially in the context of its efforts to access modern and environment-friendly technologies to become a logistics and manufacturing hub of the region. Opportunities Initially, Vietnamese businesses were incapable of taking advantage of all the preferential terms offered… Read full this story
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