Business

Vietnam effectively taps opportunities from FTAs

Vietnam's export turnover reached more than 280 billion USD in 2020, a 55-fold increase from the figure of 5 billion USD in 1995 thanks to the effectiveness of free trade agreements (FTAs) it has signed with partners, according to the Multilateral Trade Policy Department under the Ministry of Industry and Trade.
Vietnam effectively taps opportunities from FTAs ảnh 1Illustrative image (Photo: VNA)

Hanoi (VNA) – Vietnam's export turnover reached more than 280 billion USD in 2020, a 55-fold increase from the figure of 5 billion USD in 1995 thanks to the effectiveness of free trade agreements (FTAs) it has signed with partners, according to the Multilateral Trade Policy Department under the Ministry of Industry andTrade.

In recent years, Vietnam'slegal system has been improved on a par with international standards.Since Vietnam joined the World Trade Organisation (WTO), law making and law enforcement have been bettered with policies broadly consulted in line with internationalregulations. When Vietnam participated in FTAs, these policies have been perfected.

The scale of domestic businesseshas also been upgraded as many enterprises in verious fieldssuch as banking and telecommunications have become the backbone of the economy and reached out to the world.

FTAs have broughtgreat opportunities to Vietnam, reflected by its export growth in majormarkets. Of those, the Comprehensive and Progressive Trans-Pacific Partnership Agreement (CPTPP) has created momentum for Vietnam's exports.

Statistics showed that the country'sexports to CPTPP members have been on the rise. Vietnam saw tradesurpluses of 5 billion USD and 6 billion USD with Mexico and Canada in 2020.

Just five months after the European Union - Vietnam FTA (EVFTA) took effect, Vietnam's export turnover to the EU grew by 2 percent as compared to the same period of 2019.

However, there remained challengesregarding the enforcement of sustainability commitments, intellectualproperty, and e-commerce, the department said.

The Multilateral TradePolicy Department is tasked to organise and resolve difficulties in the implementation ofthe FTAs. It will focus on developing an FTA index to helpmanagement agencies improve their operations and enforcement of the FTAs.

In particular, the Vietnam FTA Portal has been put into operation, so the Department of MultilateralTrade Policy expects that businesses will access and learn about the FTAs andhelp connect ministries and branches to understand the mechanisms and policiesto fully exploit the FTAs./.

VNA
#Ministry of Industry and Trade #Vietnamplus #Vietnam News Agency #free trade agreements #World Trade Organisation #CPTPP #FTAs Vietnam
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