Free trade agreements (FTA), including the latest one signed between Viet Nam and the EU, will benefit the domestic fertiliser sector, with more diverse import and export markets, experts said.
Joining new-generation free trade agreements (FTAs) will help Viet Nam diversify its economic and trade relations, especially expanding import and export markets, avoiding excessive dependence on a specific region and helping the economy cope better with external fluctuations.
According to Vietnam Customs, total tax collection of the sector has so far reached VND335.6 trillion (US$14.5 billion), an 11.6 per cent year-on-year increase and exceeding the target of the finance ministry.
Reduced revenue from removing taxes on imported goods - in accordance with various free trade agreements (FTA) that Viet Nam has signed - is unlikely to affect state revenue.
Opportunities provided by free trade agreements (FTAs) will only exist on paper if local authorities and enterprises do not take prompt and concrete actions to take advantage.
Viet Nam’s economy could grow between 6.9 and 7.1 per cent in the 2019-20 period under stable macroeconomic conditions that could boost FDI and promote economic restructuring and the implementation of FTAs.
Implementation of Free Trade Agreements (FTAs) has significantly reduced export tariffs for Viet Nam but national administrative reform, reduction of import-export expenditure and business environment renovation are the key factors to improve national competitiveness.
Globalisation promotes economic integration and fosters a new wave of bilateral and multilateral FTAs, creating opportunities and optimism about investment and business towards sustainable development, said PM Nguyen Xuan Phuc.
Vietnamese leather and footwear firms are implementing new production
and business strategies to make the most of the opportunities provided
by free trade agreements (FTAs), especially with Eurasia.
Economic experts said enterprises in Viet Nam will face fierce
competition under the ASEAN Economic Community, so they should establish
relationships with large firms in the region and globally in order to
better develop their businesses.
Export value of the domestic leather and footwear industry could grow
between 15 per cent and 20 per cent this year due to opportunities from
free trade agreements (FTAs).
Vietnamese firms have been urged to learn more about trade defence
instruments allowed under the WTO and cooperate in the use of trade
defence instruments to protect domestic production, a seminar heard
yesterday in HCM City.
Industrial products will not have it easy against those from countries
with outstanding advantages, as well as cheap imported goods, when Viet
Nam joins the Free Trade Agreements (FTAs).
Forty-two business associations of the Republic of Korea(RoK)have
called for quick approval of free trade agreements(FTAs) withViet Nam,
China and New Zealand to help boost exports.