More new opportunities will be opened up for Vietnam on economics,trade and investment once the country’s free trade agreements (FTA) withits partners are reached, said Minister of Industry and Trade Vu HuyHoang.
Hoang granted an interview to Vietnam NewsAgency reporters on the context that Vietnam and the Customs Union ofRussia, Belarus and Kazakhstan concluded their FTA negotiations onDecember 15.
According to the minister, under the pact, theCustoms Unions provides Vietnam with preferential tariffs in order tofacilitate the export of the country’s staples such as farm produce,seafood, garments and textiles, footwear and wood furniture.
Meanwhile, Vietnam agrees to open its market under a set roadmap forseveral commodities from the union, including husbandry products,machines, equipment and vehicles, which will not compete withmade-in-Vietnam goods, but help to diversify the domestic market.
The Customs Union, with a combined population of approximately 170million and total GDP of 2.5 trillion USD, is not a choosy market, whileits demand for imports is increasing.
Vietnam isthe union’s first FTA partner, which will make Vietnamese businessesintegrate into the union earlier than others with more preferentialconditions. Once the agreement becomes effective, two-way trade isexpected to rise by 18-20 percent a year, from 4 billion USD in 2014 to10-12 billion USD in 2020, stated the official.
Healso expressed his belief that direct investment from the union intoVietnam will also increase thanks to trade liberalisation commitmentsand a more favourable investment climate, while logistics, financial andbanking services and customs cooperation will be liberalised.
Vietnam will also have a good chance to learn from the union’sadvanced technologies to serve the country’s industrialisation andmodernisation, he added.
He also stated that in thelast months of 2014, the country basically finished negotiations onother free trade agreements with the European Union and the Republic ofKorea.
According to the ministry, all of the threeagreements, expected to be signed by the first half of 2015, cover awide range of contents, including trade in goods, trade in services,investment, rules of origin, trade remedy, customs facilitation,technical barriers to trade, intellectual property, food hygiene, animaland plant quarantine, and legal and institutional issues.-VNA
Hoang granted an interview to Vietnam NewsAgency reporters on the context that Vietnam and the Customs Union ofRussia, Belarus and Kazakhstan concluded their FTA negotiations onDecember 15.
According to the minister, under the pact, theCustoms Unions provides Vietnam with preferential tariffs in order tofacilitate the export of the country’s staples such as farm produce,seafood, garments and textiles, footwear and wood furniture.
Meanwhile, Vietnam agrees to open its market under a set roadmap forseveral commodities from the union, including husbandry products,machines, equipment and vehicles, which will not compete withmade-in-Vietnam goods, but help to diversify the domestic market.
The Customs Union, with a combined population of approximately 170million and total GDP of 2.5 trillion USD, is not a choosy market, whileits demand for imports is increasing.
Vietnam isthe union’s first FTA partner, which will make Vietnamese businessesintegrate into the union earlier than others with more preferentialconditions. Once the agreement becomes effective, two-way trade isexpected to rise by 18-20 percent a year, from 4 billion USD in 2014 to10-12 billion USD in 2020, stated the official.
Healso expressed his belief that direct investment from the union intoVietnam will also increase thanks to trade liberalisation commitmentsand a more favourable investment climate, while logistics, financial andbanking services and customs cooperation will be liberalised.
Vietnam will also have a good chance to learn from the union’sadvanced technologies to serve the country’s industrialisation andmodernisation, he added.
He also stated that in thelast months of 2014, the country basically finished negotiations onother free trade agreements with the European Union and the Republic ofKorea.
According to the ministry, all of the threeagreements, expected to be signed by the first half of 2015, cover awide range of contents, including trade in goods, trade in services,investment, rules of origin, trade remedy, customs facilitation,technical barriers to trade, intellectual property, food hygiene, animaland plant quarantine, and legal and institutional issues.-VNA
