Vietnam joins in twelve FTAs

Vietnam has so far completed negotiations and joined in 12 bilateral and multilateral free trade agreements (FTAs), reported director of the Ho Chi Minh City WTO Affairs Consultation Center Pham Binh An.

A catfish processing plant (Photo: SGGP)

Of these, eight have taken effect and been implemented including ASEAN FTA signed in 1996 and five others between ASEAN and China, South Korea, Japan, India and Australia - New Zealand. Besides there are two bilateral agreements including Vietnam - Japan and Vietnam - Chile.

Those that have been signed but yet to be effective include Vietnam-South Korea FTA signed on May 5 and Vietnam- Eurasian Economic Union (EAEU) FTA on May 29 this year.

Negotiations concluded to Vietnam-EU FTA on August 4 and the Trans-Pacific Partnership on October 5.

Vietnam has implemented a lot of measures to take advantage of FTAs and limit damage from market opening, focusing on improvement of business and investment environment together with national and local competitiveness.

Authorized agencies have continued administrative reform, programs assisting firms to build brand names and supplying them with integration information.

In addition, they have concentrated to develop support industry, restructure businesses, divest from state owned enterprises and facilitate private sector’s development.

By Thuy Hai – Translated by Hai Mien

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