Panama will soon negotiate a double taxation avoidance agreement and boost the exchange of customs information with Vietnam, the Panama Ministry of Economy and Finance has said.

The move is part of Panama’s efforts to build its legal system of international standards and improve its economy’s competitiveness.

Panama is currently carrying out 11 double taxation avoidance agreements with other countries, of which Singapore is the only signature in Southeast Asia.

It is also negotiating 18 other agreements, said the ministry.

According to the Vietnam General Department of Customs, two-way trade between Vietnam and Panama has seen a rapid growth in recent years, increasing from 50 million USD in 2005 to 244 million USD in 2012.

Last year, Vietnam’s exports to the Central American nation exceed 237 million USD.-VNA