Illustrative image (Source: Internet) Bangkok (NNT/VNA) - The Thai Ministry of Commerce continued to penetrate the Japanese market by organising a seminar on the Thai-Japanese Strategic Economic Partnership through the free trade agreement (FTA), seeking to expand trade between both countries. The trade value between the two countries was over 54 billion USD in 2017. At the seminar, the Deputy Minister of Commerce, Chutima Bunyapraphasara, delivered a lecture on trade and investment opportunities on the Thai-Japanese Strategic Economic Partnership. Ms. Chutima said Thailand has currently developed a mechanism for economic cooperation with Japan in terms of trade liberalisation and development of economic cooperation at various levels, namely the ASEAN-Japan Comprehensive Economic Partnership Agreement (AJCEP) and the Japan-Thailand Economic Partnership Agreement (JTEPA). These agreements will allow Thai entrepreneurs to invest in hospitality businesses in Japan. … [Read more...] about Seminar on Thai-Japanese Strategic Economic Partnership through FTA
Workers pile up rice pallets at the Kien Giang Import and Export Company Limited in Kien Giang Province before shipments to regional markets. (Photo: VNA) Hanoi (VNS/VNA) - As 2018 brings newer and bigger free trade agreements (FTAs), Vietnamese enterprises are faced with tough choices. They can either adapt and move up the global supply chain, or stand by while imported goods flood the country’s market. Tran Thanh Hai, Deputy Director of the Ministry of Industry and Trade’s (MoIT) Import-Export Department, told Vietnam News Agency (VNA) that from 2018 onward, 85 percent of Vietnamese exports will be subject to significantly lowered tariff levels of zero to 5 percent. As part of the Government’s policy to increase economic self-reliance and promote sustainable imports and exports, exports of Vietnamese goods to FTA markets grew strongly in 2017, contributing 213.8 billion USD to the year’s turnover of 408 billion USD, per the MoIT’s data. Hai was … [Read more...] about FTAs: boon or bane for businesses?
As 2018 brings newer and bigger free trade agreements (FTAs), Vietnamese enterprises are faced with tough choices. They can either adapt and move up the global supply chain, or stand by while imported goods flood the country’s market. Tran Thanh Hai, Deputy Director of the Ministry of Industry and Trade’s (MoIT) Import-Export Department, told Vietnam News Agency (VNA) that from 2018 onward, 85 per cent of Vietnamese exports will be subject to significantly lowered tariff levels of zero to 5 per cent. As part of the Government’s policy to increase economic self-reliance and promote sustainable imports and exports, exports of Vietnamese goods to FTA markets grew strongly in 2017, contributing US$213.8 billion to the year’s turnover of $408 billion, per the MoIT’s data. Hai was optimistic that Vietnamese businesses will benefit more from bilateral and multilateral FTAs with partner countries such as Hong Kong, Japan and the Republic of Korea (RoK). … [Read more...] about VN’s FTAs: Boon or Bane?
According to the data compiled by the Korea Rural Economic Institute (KREI), the RoK imported US$980 million worth of farm and livestock products from Vietnam in 2017, compared with US$730 million in 2015. Vietnamese goods accounted for 3.5% of the RoK's total farm and livestock imports last year, compared with 2.8% in 2015. Two-way trade between the two countries has risen since the FTA went into effect in December 2015, making Vietnam the fourth largest trading partner of the Republic of Korea. The KREI predicted that the pace of growth in the RoK’s imports of Vietnamese farm products is expected to quicken over the bilateral trade deal. … [Read more...] about RoK’s imports of Vietnamese farm produce soars after 2015 FTA
To date Vietnam has signed and is implementing 10 regional and bilateral FTAs, including a framework agreement on ASEAN - China economic cooperation, an ASEAN - Republic of Korea trade in goods agreement, an ASEAN - Japan comprehensive economic cooperation partnership deal, an agreement on establishing the ASEAN-Australia-New Zealand FTA, a Vietnam-Japan economic partnership agreement, and a Vietnam-Chile free trade deal.Among the FTAs to which Vietnam is a signatory, the EU-Vietnam Free Trade Area (EVFTA) is viewed as the most noteworthy, given its comprehensiveness, quality, and balance of benefits to both parties. Under the agreement, the EU and Vietnam commit to opening as much as 99% of tariff lines and trade turnover. A 0% tax rate will be applied to export items in which the two sides have strengths. These are garments and textiles, footwear, seafood, tropical agricultural products, and wood furniture from Vietnam and automobiles, machinery, equipment, pharmaceuticals, and … [Read more...] about Vietnam capitalizes on FTAs
The Hanoitimes - With over 6,000 enterprises, textile & garment industry accounted for 15% of Vietnam’s total trade value in 2017 and plays a key role in the economy. In the coming time, taking advantages from free trade agreements (FTA) is priority for Vietnam’s textile & garment industry to develop sustainably. Previously, a decrease in demand from major export markets since the end of 2016 to early 2017 had caused numerous difficulties for the industry. However, under new approaches, export value and the market shares of Vietnam’s textile & garment industry have increased compared to 2016. Specifically, Vietnam’s export to the US has increased to 7.2%, with market share up from 10% to 11%; in EU for an increase of 9.23% and 0.2% of market share; in Japan for an increase of 6.1% and 0.8% of market share; in Korea for an increase of 11.8% and 1.6% of market share; in particular, Vietnam’s import to Russia has increased 56%, with … [Read more...] about Taking advantages from FTAs for sustainable development
Lack of information, human resources and viable strategies are the three major difficulties facing Vietnamese businesses attempting to carry out the Free Trade Agreements (FTAs), says Nguyen Dinh Cung, Director of the Central Institute for Economic Management (CIEM).Are foreign-invested enterprises (FIEs) better positioned to seize the new opportunities from integration and FTAs than domestic businesses? What are the hindrances of local businesses in capitalizing on these FTAs? Obstacles to foreign market accessThe markets with which Vietnam has signed FTAs, have applied diverse and complicated non-tariff measures such as animal and plant health quarantine, Technical Barriers to Trade (TBT) and limitation on distributions.Contrary to tax reduction, the elimination of non-tariff barriers demands institutional, legal and technological changes , thus posing a big challenge for local businesses that need greater investments and better production procedures and management.A factual … [Read more...] about Stumbling blocks facing businesses in FTA implementation
Deputy PM Vuong Dinh Hue at the first session of the Steering Committee on international integration, Ha Noi, January 11, 2017 Mr. Hue made the point on January 11 while chairing the first session of the Steering Committee on international integration.The year of 2017 marked the 22th anniversary of Viet Nam’s accession to ASEAN and the 50th founding anniversary of ASEAN. Viet Nam successfully accomplished the APEC 2017 chair with a series of domestic large-scale conferences and initiatives, thus making important contributions to the expansion and economic integration in the Asia-Pacific Region. Viet Nam has accelerated international integration by enforcing internationally economic integration, and speeding up institutional reform, economic restructuring, and growth model renovation. So far, Viet Nam has ratified 10 bilateral and multilateral FTAs with regional and international partners. Besides, Viet Nam is negotiating the Regional … [Read more...] about VN is negotiating FTAs with 60 economies
In his speech, the Deputy PM reviewed what Vietnam achieved in 2017, such as the 22nd anniversary of the country’s entry into ASEAN, half century of establishment of regional grouping, and its successful hosting of the APEC Year with a broad range of major conferences and new initiatives, which made significant contributions to expediting the process of cooperation and economic integration across the Asia-Pacific region.Vietnam accelerated its international integration through negotiations and programs for international economic cooperation while promoting domestic integration in line with its commitments to international economic integration, institutional reform, and economic restructuring based on renewed growth model.The country has so far ratified 10 bilateral and multilateral free trade agreements (FTAs) with regional and world partners and it is going ahead with negotiations on the Regional Comprehensive Economic Partnership (RCEP), the Comprehensive and Progressive … [Read more...] about FTAs under negotiation between Vietnam and 60 world economies
The finance ministry has announced 10 draft decrees that will guide implementation of as many free trade agreements (FTAs), drawing a roadmap to zero per cent import tariffs for many goods.The road map, beginning this year, will extend until 2022 for several goods and commodities for which the tariffs will undergo a gradual progression.The ministry said at a meeting held in Ha Noi yesterday that the 10 draft decrees on Viet Nam’s special preferential import tariffs have to do with: the ASEAN Free Trade Area; FTAs between ASEAN with Japan, India, Australia – New Zealand, the Republic of Korea (RoK) and China; and between Viet Nam and the RoK, Japan, Chile and Eurasian Economic Union.The new decrees make “appropriate updates” to the Government’s Resolution No109/2016/NQ-CP and the list of ASEAN Harmonised Tariff version 2017 (AHTN 2017) issued in 2016.They also aim to ensure stability in the application of special preferential import tariffs, said Pham Tuan … [Read more...] about Ten new decrees to guide FTA tariff cuts