Vietnam is big winner of free trade deals
Updated : Monday, April 23, 2018 3:41 PM (GMT+0700)

Theclinched free trade agreements (FTAs) has opened the door wider for Vietnamesegoods to enter foreign markets, helping the country improve trade balance withits trade partners.

 
The clinched free trade agreements (FTAs) has opened the door wider for Vietnamese
goods to enter foreign markets - Photo: VNA

Before 2007, Vietnam wasinvolved in only two free trade deals as member of the Association of SoutheastAsian Nations (ASEAN): the ASEAN-China and the ASEAN- Republic of Korea (RoK)pacts. 

After that, the countrysigned several more deals, including those with Japan and Chile. 

Particularly, in 2015,Vietnam concluded negotiations with the US in the Trans-Pacific Partnership,with the EU on the Vietnam-EU free trade agreement and with Russia on theVietnam- Eurasia Economic Union free trade agreement. The same year, thecountry concluded bilateral FTA talks with the RoK.

Vietnam is one of thecountries with the most FTAs in the world. It has signed a total of 17 tradedeals, of which 10 have become effective, 2 have been signed but are yet totake effect, while negotiations have concluded on 2 deals and are on the wayfor three others.  

According to Ngo ChungKhanh, deputy head of the Multilateral Trade Policy Department under theMinistry of Industry and Trade, earlier, 60-70 percent of the Vietnamese firmshad business relations with those in the East Asia. However, they sufferedheavy loss, resulting in trade deficit of nearly 70 billion USD in 2007.

The situation has beenimproved as free trade pacts help set up sound trade ties with other regionsand they serve as a boon for local products to break in into foreign markets.While Vietnam exported only 5.4 billion USD worth of products in 1995, itgained 48 billion USD from shipments in 2007 and the figure hit 213 billion USDin 2017.

Aside from export turnover,the FTAs also brought other benefits, with the most remarkable one beingensuring fairer access to resources. 

Many FTAs, especiallynew-generation ones, pay attention to fairness, which forces Vietnam to act toimprove domestic business environment towards fair treatment betweenState-owned and private enterprises.

The trade deals also assistwith efforts to improve infrastructure, push forward administrative reforms andremove market obstacles.

Source:VNA

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