Illustrative image (Source: tapchitaichinh)

Hanoi (VNA) – Vietnam’s trade and industry sectors have been warned about fiercer competitions when the free trade agreements (FTAs) that Vietnam has signed take effect.

Speaking at a workshop held in Hanoi on December 18, officials of the Ministry of Industry and Trade also admitted state management agencies need to change their way of thinking in building macro-economic policy and carrying out their management functions.

At the same time, the officials emphasized the vast opportunities that will come with the FTAs.

Luong Hoang Thai, Director of the Multilateral Trade Policy Department under the Ministry of Industry and Trade and deputy head of the government’s negotiation delegation on economic and international trade issues , said there are substantial chances for businesses to expand their market.

He added that as the FTAs are highly binding, they will ensure stability for the business circle.

Vietnam also has an advantage from the fact that it is one of the first countries in the region to sign an FTA with the European Union and the Trans-Pacific Partnership agreement, he said.

in 2015 Vietnam signed four important FTAs, which are the Trans-Pacific Partnership (TPP) agreement, and three others with the EU, the Eurasian Economic Union and the Republic of Korea.

Participants at the workshop noted that products of partner countries in the four FTAs do not compete directly with Vietnamese goods, which is an advantage for the country.-VNA