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FTAs’ effects on Vietnam under spotlight

Participation in free trade agreements (FTAs) will help Vietnam improve its market economic institutions, boost both domestic and foreign investment and increase competitiveness, stated Deputy Minister of Industry and Trade Tran Quoc Khanh.
Participation in free trade agreements (FTAs) will help Vietnam improveits market economic institutions, boost both domestic and foreigninvestment and increase competitiveness, stated Deputy Minister ofIndustry and Trade Tran Quoc Khanh.

Speaking ata workshop on opportunities brought by FTAs in Hanoi on March 20,Khanh noted that Vietnam is in the negotiation process for severalFTAs, including the Trans-Pacific Partnership (TPP) agreement and dealswith the European Union, the Customs Union of Russia, Kazakhstan andBelarus , the Republic of Korea and the ASEAN.

He continued to say that joining TPP will make Vietnam become anelement of the global value chain, while FTAs will offer the chance forthe country to balance its import and export in order to avoiddependence on a single market. The Deputy Minister cited as an examplethe fact that Vietnam is depending on the East Asian region for morethan half of its imported materials and spare parts.

Clashing interests are unavoidable as opportunities of this sectorare challenges of other sectors, he said, but adding that overall,benefits gained will be bigger than losses.

Director General of the Vietnam Garment and Textile Group (Vinatex) LeTien Truong said that without risks there will be no opportunities. Hesaid Vinatex sees FTAs as great opportunities to expand export marketsand accelerate its own modernization.

Any businesses that can take full advantage of opportunities will be able to join the global supply chain, he added.-VNA
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