Quy Nhon Port in Binh Dinh province. (Photo: baochinhphu.vn) According to the department, 20 local firms are exporting to countries whichhave participated in the UKVFTA. Last year, they generated 47.2 million USD fromshipping eight groups of products to these markets, with wood products beingthe leading export earner.
Deputy Director of the department Vo Mai Hung said the new-generation FTAs likethe UKVFTA not only opened up opportunities for Binh Dinh to promote traderelations with developed economies, but also made an important contribution toaccelerating the province's administrative reform, improving its trade andinvestment climate.
Through a transparent and equal mechanism, local businesses would graspguidelines and policies, then have many opportunities to access information tofacilitate their export activities, he said.
They would also benefit from tariff elimination under the deals.
Under the UKVFTA, for example, 65% of all tariffs have already been eliminatedfrom UK-Vietnam trade. In the first six years of the deal, the UK wouldeliminate 99.2% of tariff lines on Vietnam’s imports.
In particular, 83% of tariffs imposed on Vietnamese wood and wood productsexported to the UK - which are Binh Dinh's key export items - have also beeneliminated. For all other products, including particle boards, fiber boards andplywood, tariffs will be eliminated after two to four years.
In order to help local firms further tap into the UK market, Hung said, hisdepartment would continue to accelerate trade promotion, connect goods supplychains and support the firms to advertise their goods to expand their presencein the market.
Top priority would also be given to improving the competitiveness of localenterprises and export products and disseminating the UKVFTA and markets of theFTA members so that businesses in the province could utilise opportunitiesbrought by the FTA.
Meanwhile, local businesses should continue to ensure the quality of theirexport products, foster technological innovation to improve the competitivenessof their goods for exports in addition to promoting the application ofcross-border e-commerce and joining the world e-commerce floors, he said.
Over the past five months of this year, Binh Dinh earned over 700 million USD fromexporting goods to 105 countries and territories. During the period, its exportto the UK hit 30.4 million USD or accounting for 4.3% of total turnover,statistics from the department revealed./.
VNA
