Business

Vietnam firms should be more active as FTAs take effect: insiders

Businesses need to pay heed to regulations in their import and export markets to optimise opportunities brought about by free trade agreements (FTAs), as a number of such deals have been or are to be signed, according to insiders.
Businesses need to pay heed to regulations in their import and exportmarkets to optimise opportunities brought about by free trade agreements(FTAs), as a number of such deals have been or are to be signed,according to insiders.

Vietnam has inked nineFTAs, most recently with the Republic of Korea and the EurasiaEconomic Union. Other new-generation FTAs are also under negotiation,including the pact with the European Union and the Trans-PacificPartnership agreement.

FTAs offer a host ofopportunities for Vietnam ’s economic sectors, especially for tradingactivities, given the provision of many tax and investment incentives,said Nguyen Thi Thu Trang – Director of the WTO Centre at the VietnamChamber of Commerce and Industry (VCCI) at a workshop in Ho Chi MinhCity on June 2.

However, these trade pacts alsorequire the Vietnamese Government to strictly comply with commitmentsregarding support policies for domestic industries, she noted.

Nguyen Anh Duong from the Central Institute for Economic Managementsaid the FTAs will bring about major challenges for local companies. Hecited the food processing industry as an example: partner countries maylevy stricter anti-dumping measures while credit support to domesticcompanies in the field will be limited.

Meanwhile,the proportion of foreign ownership of electronics companies will beraised as promised in FTAs, putting more pressure on domestic firms, headded.

Huynh Van Hanh, Vice Chairman of theHandicraft and Wood Industry Association of Ho Chi Minh City, saidagriculture is more vulnerable to FTA impacts since it uses a majorityVietnamese workforce while market fluctuation and weather conditionsalso pose risks to this sector.

Besides encouragingscientific and technological application and market expansion to assistagriculture, relevant agencies should enhance communication on bothadvantages and challenges brought about by FTAs to enable enterprises toutilise these deals effectively, he noted.

Tran HuuHuynh, Head of the VCCI’s Advisory Committee on International TradePolicies, also highlighted the activeness of companies in FTAnegotiations since Prime Minister Nguyen Tan Dung ordered Vietnamesenegotiators to consult organisations, associations and businesses beforeengaging in FTA talks.-VNA
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