Businesses optimise FTA opportunities
Businesses need time to access trade pacts, especially the European-Vietnam Free Trade Agreement (EVFTA) which is expected to bring numerous opportunities and benefits for import-export firms.
Garment-textile for exports (Photo: VNA)Speaking at a press conference in Hanoi on August 20, Head of the International Relations Department under the Ministry of Finance Vu Nhu Thang said 70 percent of businesses have yet to optimise FTA opportunities.
He mentioned Vietnam’s commitments to export duties and financial services in the EVFTA.
He underlined garment-textile and footwear exports to the EU as Vietnam’s strengths, saying once the EVFTA comes into effect, 80 percent of the sectors’ products will enjoy a zero percent tax rate and the remaining will be applied within seven years.
The EVFTA is considered a comprehensive and high-quality trade pact forecast to benefit the two sides, especially regarding potential Vietnamese industries such as garment-textiles, farm produce and timber products.
The EU is currently one of Vietnam’s key trade partners. Trade has increased considerably between 2012 and 2015, topping 36.7 billion USD last year.
Many products imported from the EU have helped Vietnam to develop industry, garment-textiles, footwear and means of transport.
The EU is also a major investor in Vietnam with 24 out of the 28 member countries running 2,000 investment projects worth nearly 30 billion USD in the Southeast Asian nation last year.-VNA
You should also see
PM requires full legal corridor to promote national digital transformation
Prime Minister Pham Minh Chinh on April 24 requested more efforts to step up institutional improvement, create a full legal corridor to promote national digital transformation and develop the digital economy while addressing the eighth meeting of the National Committee for Digital Transformation.
See more
Business
Standard Chartered revises down Vietnam’s GDP growth forecast in 2024 to 6%
Standard Chartered Bank has lowered Vietnam’s GDP growth forecast in 2024 to 6% from the previous 6.7% due to lower-than-expected Q1 growth and global trade headwinds.
Business
Auction for gold bullion to continue on April 25
Another bidding session for 16,800 taels of gold bullion will be held on April 25, the State Bank of Vietnam said in a statement.
Business
Over 20,000 products exhibited at Global Sourcing Fair Vietnam 2024
The Global Sourcing Fair Vietnam 2024 hosted by Global Sources kicked off in Ho Chi Minh City on April 24 with the participation of over 400 Vietnamese exhibitors and those from other Asian nations who are showcasing over 20,000 export-standard products across various industries.
Business
Vietnam attends Asia’s biggest food, hospitality expo in Singapore
Five Vietnamese enterprises operating in the fields of food and hospitality are attending the Food & Hotel Asia (FHA) 2024 which is taking place in Singapore from April 23-26.
Business
SBV takes more actions to stabilise foreign exchange rates
The State Bank of Vietnam (SBV) on April 23 took some moves like issuing treasury bills (T-bills), further employing T-bills as an open market operation (OMO), and stipulating liquidity and interest rates in the inter-bank market in the face of surging USD/VND exchange rates.
