Enterprises have two years to prepare for FTAs

Businesses in the agriculture sector, especially breeding, will be most vulnerable to the effects of Free Trade Agreements (FTAs) and Trans-Pacific Partnership (TPP) with bigger partners.
Enterprises have two years to prepare for FTAs ảnh 1Illustrative image (Source: VNA)

Hanoi (VNA) - Businesses in the agriculture sector, especially breeding, will be most vulnerable to the effects of Free Trade Agreements (FTAs) and Trans-Pacific Partnership (TPP) with bigger partners.

However, the firms have two years left for restructuring and improving their competitiveness after the signing of the FTAs and TPP, said Luong Hoang Thai, head of the Multilateral Trade Policies Department under the Ministry of Industry and Trade.

Thai told a conference to provide information on some new FTAs, in Hanoi on December 18 that the TPP has been in the last period for legal review before the official signing. The TPP has high standards in the open market which could bring in opportunities for participating countries.

In particular, Vietnam could have access to leading partners in the bloc such as the European Union, Japan and the Republic of Korea. However, the opportunities could only be obtained if Vietnam meets the requirements of origin in the garment and textile sector, for example.

It is for this reason that the country should review all sectors to take advantages of the pacts. In addition, Vietnam should also make changes to meet commercial standards under the TPP, thus creating a facilitated business environment.

Sharing the ideas, Deputy Minister of Industry and Trade Tran Quoc Khanh said a range of FTAs which Vietnam has signed with big countries will have a huge impact on the country's export structure and macro-economic control. It will be an opportunity for the country to complete and improve mechanisms as well as enhancing transparency.

Khanh said the pacts will bring considerable challenges to State management agencies and enterprises.

He emphasised that policymakers should change their way of thinking as all of the management will be based on these committed pacts.

However, recent statistics from the Ministry of Planning and Investment showed that around 75 percent of local businesses do not have knowledge about the FTA.

The Deputy Minister said the rate is normal as Vietnamese firms have been operating in several sectors which will not be affected by the pacts. The companies have not participated in export activities but have been content to produce for the local market.

The reality has not been seen in Vietnam but other countries. In the European Union, around 50 percent to 60 percent of businesses in the region do not pay attention to signing of international trade pacts, he added.

"Local enterprises should have time and pay attention to FTAs as the country has deeply integrated into the world economy. This could help them take advantages of the FTAs," he said.

The conference attracted participation of representatives from 10 cities and provinces as well as businesses.

In 2015, Vietnam signed four important pacts with big markets, including TPP, FTAs with the EU and the Eurasian Economic Union (EEU) and the Republic of Korea.-VNA

VNA

See more

At the opening ceremony of HortEx Vietnam 2025 (Photo: VNA)

HCM City HortEx showcases agricultural technologies, smart farming

HortEx Vietnam 2025 also serves as a gathering place for businesses, cooperatives, and agricultural producers from more than 16 provinces and cities across Vietnam, providing an excellent opportunity for local enterprises to exchange knowledge, learn from international experience, access new technologies, and expand their markets.

Hyundai Accent remains the best-selling model, with 455 units delivered to customers in February. (Photo: VNA)

Hyundai auto sales remain stable in February

In February, Hyundai Accent remained the best-selling model, with 455 units delivered to customers. It was followed by Hyundai Tucson with 403 units, Hyundai Stargazer with 304 cars, and Hyundai Creta with 303 vehicles.

Prime Minister Pham Minh Chinh speaks at the second meeting of the National Steering Committee for Financial Inclusion in Hanoi on March 12. (Photo: VNA)

PM requests stronger efforts to ensure comprehensive, equitable financial access

PM Pham Minh Chinh, who is also head of the steering committee, highlighted the significance of the strategy for the country's socio-economic development, saying that it enables individuals and businesses to access essential financial resources and services for development, improving living standards of the people, and promoting savings and investment.

Manufacturing toys for export at Bilion Max Vietnam Export Processing Co. Ltd. in Hue city. (Photo: VNA)

Vietnam’s economy poised to grow 6.8% this year: WB

“Vietnam is projected to maintain robust economic growth over the next two years, but it can use its fiscal space to better prepare for heightened uncertainties”, said Mariam J. Sherman, World Bank Director for Vietnam, Cambodia and Laos at a press conference.

A shopping mall in HCM City. The retail property market in HCM City is expected to see further growth this year. (Photo: gkg.com.vn)

HCM City retail property market expected to heat up

In 2025, the commercial real estate market, especially in HCM City, is forecast to undergo significant positive changes, with an improved supply. It can be said that this segment will "transform" to recover for a new growth cycle.

Illustrative image (Photo: VNA)

Measures needed to boost business optimism: VCCI

According to the Ministry of Planning and Investment, there are currently 940,000 active enterprises, falling short of the target of one million by 2020 and 1.5 million by the end of the year.

Site clearance has been completed for the Metro Line No.2 project. (Photo: sggp.org.vn)

HCM City to use municipal budget for Metro Line No. 2 project

The Metro Line No. 2 project has an estimated investment of nearly 47.9 trillion VND (2 billion USD) and has nearly completed land clearance, at 99.8%. The NA’s Resolution 188 authorises HCM City to develop seven metro lines spanning 355 kilometres over the next decade, with preliminary total investment for the 2025-2035 phase estimated at 40.2 billion USD.