Firms urged to take advantage of trade pacts
Do Xuan Quang, chairman of the Vietnam Logistics Business
Association (VLA) and also chairman of the ASEAN Federation of
Forwarders Association, told a workshop in HCM City on September 27 that
this would help double foreign trade.
Incoterms are a set of
standard international regulations last updated in 2010 and used for
commercial transactions and procurement and to communicate the costs and
risks associated with goods delivery.
Companies who conform to
Intercoms provisions would be able to control cost and time while
providing transport and logistics services, he said, adding that it
would also help Vietnam achieve this year's export target of 126.1
billion USD, a 10 percent jump over 2012.
Vietnam has signed
eight FTAs, both bilateral and multilateral, Quang said, citing a
Ministry of Industry and Trade report.
Six other FTAs are under
negotiations, including the Trans-Pacific Partnership Agreement that is
set to be signed by year end and the Regional Comprehensive Economic
Partnership to be signed in 2015.
If Vietnam fully implements
all agreements signed from now through 2018, its GDP will rise by an
additional 3 percentage points per year.
Le Duy Hiep, deputy
chairman of VLA, said most of import-export firms do exactly the
opposite despite warnings about financial losses and job losses in
sectors like maritime transport and insurance.