Việt Nam, as an open economy with multiple Free Trade Agreements (FTAs) in place, is committed to fulfilling its obligations in the automobile import sector.
The country''s trade surpassed the milestone of $700 billion in value to hit $73.5 billion in 2022, a rise of 9.5 per cent against the same period of the previous year, according to the s of the General Statistics Office.
Many British investors are seeking investment opportunities in Viet Nam in the hope of cashing in on free trade agreements (FTAs) that Viet Nam has signed with the UK and other economies worldwide.
South Koreans investing in Viet Nam can capitalise on preferential treatment under free trade agreements (FTAs) that Viet Nam has signed to boost exports, one top official said.
According to the report, trade turnover between Viet Nam and ten members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in 2019 reached US$77.4 billion, a 3.9 per cent increase from 2018.
Việt Nam must hasten the process of issuing legal documents and institutional reform to implement free trade agreements (FTAs) and take advantage of these trade deals to boost exports.
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.
Lower-than-expected export revenue last year showed the industry was facing problems in participating more deeply in the global value chain and expanding exports to niche markets.
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.
New-generation Free Trade Agreements (FTAs) are expected to help Viet Nam become more competitive if the country reduces trading costs and improves its business environment.