A wood processing plant (Photo: SGGP)

Businesses lose FTA incentives for being short of material preparation

Vietnam has signed 16 free trade agreements (FTAs), of these 10 have taken effect with many tax incentives creating chances for businesses to broaden goods consumption market. However the ratio of businesses getting the best out of FTAs has been low because they have not well prepared materials to meet origin requirements.

The finance ministry has announced 10 draft decrees that will guide implementation of as many free trade agreements (FTAs), drawing a roadmap to zero per cent import tariffs for many goods. (Photo: baotintuc.vn)

Ten new decrees to guide FTA tariff cuts

The finance ministry has announced 10 draft decrees that will guide implementation of as many free trade agreements (FTAs), drawing a roadmap to zero per cent import tariffs for many goods.

Garment production at the Hoa Tho Textile and Garment JSC’s factory in South Dong Ha Industrial Park, Quang Tri Province. (Photo: VNA/VNS)

VN textile industry needs to spin a new yarn

Continued dependence on raw and auxiliary materials imports will constrain Vietnam textiles and garment industry from taking real advantage of the various Free Trade Agreements signed by the country, industry insiders say.
Engine manufacturing for exports to ASEAN (Photo: SGGP)

Businesses need to take initiative in exploiting FTA tax incentives

Statistics by the Export Import Department under the Ministry of Industry and Trade show that only 35 percent of Vietnam’s export commodities are making the most of tax incentives from free trade agreements (FTAs) which the country has participated in.