Vietnam is working fast to repair business gaps in anticipation of amyriad of bilateral and multilateral free trade agreements (FTA)expected to be signed in 2015.
Commenting on FTAimpacts, Chairman of the Vietnam Chamber of Commerce and Industry (VCCI)Vu Tien Loc said domestic firms will be able to enter major marketsworldwide with minimal tariffs and barriers, such as the US, Europe,Japan, the Republic of Korea, the ASEAN, Belarus and Kazakhstan.
However, he urged exporters to meet international requirements ofstandards and quality, safety and hygiene, and source of origin, asstringent technical barriers are to be expected in many of theagreements.
According to the VCCI, up to 96 percentof Vietnamese firms are considered small- or medium-sized and are weakin capital, technology and skills, limiting their ability to competewith foreign rivals in the global supply chain.
Arepresentative from Truong Hai auto company predicted that low-costautomobiles from Indonesia and Thailand are likely to break into theVietnamese market once tariffs are eliminated, which will posechallenges to domestic auto assemblers.
Chairman ofthe Vietnam Federation of Mechanical Engineering Associations andformer Deputy Minister of Industry and Trade Do Huu Hao also admittedweaknesses in human resources, technology and corporate management inother business sectors.
Ho Nghia Dung, Chairman ofthe Vietnam Steel Association, stressed the need to crack down oncounterfeit products taking tolls on domestic business activity.
The Vietnam Association of Mechanical Industry submitted a draft ofrecommendations to the government, including more 0-3 percent loans forsupport industry within 15-20 years, or subsidy on loan interest for thefirst five years.
The Ministry of Industry and Trade and other agencies are also asked to modify policies for the auto industry.-VNA
Commenting on FTAimpacts, Chairman of the Vietnam Chamber of Commerce and Industry (VCCI)Vu Tien Loc said domestic firms will be able to enter major marketsworldwide with minimal tariffs and barriers, such as the US, Europe,Japan, the Republic of Korea, the ASEAN, Belarus and Kazakhstan.
However, he urged exporters to meet international requirements ofstandards and quality, safety and hygiene, and source of origin, asstringent technical barriers are to be expected in many of theagreements.
According to the VCCI, up to 96 percentof Vietnamese firms are considered small- or medium-sized and are weakin capital, technology and skills, limiting their ability to competewith foreign rivals in the global supply chain.
Arepresentative from Truong Hai auto company predicted that low-costautomobiles from Indonesia and Thailand are likely to break into theVietnamese market once tariffs are eliminated, which will posechallenges to domestic auto assemblers.
Chairman ofthe Vietnam Federation of Mechanical Engineering Associations andformer Deputy Minister of Industry and Trade Do Huu Hao also admittedweaknesses in human resources, technology and corporate management inother business sectors.
Ho Nghia Dung, Chairman ofthe Vietnam Steel Association, stressed the need to crack down oncounterfeit products taking tolls on domestic business activity.
The Vietnam Association of Mechanical Industry submitted a draft ofrecommendations to the government, including more 0-3 percent loans forsupport industry within 15-20 years, or subsidy on loan interest for thefirst five years.
The Ministry of Industry and Trade and other agencies are also asked to modify policies for the auto industry.-VNA
