Ministry of Industry and Trade makes effective use of FTAs

Hanoi (VNA) – The Vietnamese Ministry of Industry and Trade’s implementation of free trade agreements (FTAs) has produced positive results in the past two years, an official has said.

According to Nguyen Cam Trang, Deputy Director of the ministry’s Import-Export Department, in the first five months implementing the European Union-Vietnam Free Trade Agreement (EVFTA) from August-December 2020, Vietnam’s export to the union recorded a positive growth of 3.8 percent, instead of the contraction in the previous period. Notably, in the subsequent seven months, the figure reached 17.8 percent.

Thanks to the UK-Vietnam Free Trade Agreement (UKVFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Vietnam’s export turnovers to the UK, and Mexico and Canada have also seen significant increases.

The Regional Comprehensive Economic Partnership (RCEP), which becomes effective from January 1, 2022, is expected to create a long-term and stable export market for ASEAN countries in general and Vietnam in particular.

In order to help businesses make effective use of FTAs, the ministry has continuously stepped up dissemination about opportunities, regulations and rules of export to help them enjoy incentives and meet requirements.

It has also launched its own portal on FTA (FTAP) and is considered a useful tool for exports to seek necessary information./.