09:10 | 27/06/2019 VGP – Viet Nam has signed 12 free trade agreements with external partners so far, of which the Viet Nam-EU free trade agreement (EVFTA) and the comprehensive and progressive agreement for trans-pacific partnership (CPTPP) are the “new-generation” deals with higher and broader commitments. Viet Nam’s export volume to the EU is projected to increase by 20% by 2020; 42.75 by 2025; and 44.37% by 2030 Viet Nam is among 11 nations that signed the CPTPP and the 7th member country to ratify the trade pact on November 12, 2018. Meanwhile, Viet Nam is the second Southeast Asian country to ink the EVFTA and the Investment Protection Agreement (EVIPA) on June 30. Definitely, the two trade agreements provide great opportunities for Viet Nam to expand exports to its nearly 30 partners in Asia, Europe and Latin America. The Government estimated that the CPTPP, which took effect since January 14, 2019, will help increase Viet Nam’s … [Read more...] about Significance of “new-generation” free trade agreements
Free trade agreements
French parliamentarian backs EU-Vietnam free trade agreement
An apparel factory of the Far Eastern New Apparel Vietnam company in Bac Dong Phu Industrial Park of Binh Phuoc province (Photo: VNA) Paris (VNA) – President of the France-Vietnam Friendship Group at the French National Assembly Stephanie Do said the group strongly backs the signing and ratification of the EU-Vietnam Free Trade Agreement (EVFTA), which she described as a gateway for EU and Vietnam to access each other’s market more easily. In an interview granted to the Vietnam News Agency’s correspondent in Paris ahead of an official visit to France by Chairwoman of the Vietnamese National Assembly Nguyen Thi Kim Ngan, the MP said the EVFTA plays an important role in promoting economic and commercial exchange, benefiting both the EU and Vietnam. She noted that France is the 16th biggest foreign investor in Vietnam, but accounts for less than 1 percent of the Vietnamese market. France wants to develop strongly bilateral relations in all aspects, so as to … [Read more...] about French parliamentarian backs EU-Vietnam free trade agreement
Vietnam poised to profit from free trade agreements
Lindsey Ice, senior economist from Spanish-based FocusEconomics, which provides in-depth global economic analysis Since the doi moi policy started in 1986 and more recently through its accession to the World Trade Organization in 2007, Vietnam has become a success story of robust economic growth driven by trade liberalisation and global integration. Indeed, Vietnam’s opening to international commerce and FDI has undoubtedly played a pivotal role in the stellar growth it has experienced over the last three decades, which transformed it from one of the poorest nations in the world to a middle-income market economy. Its economic narrative has been one of rapid transition from an agriculture-based economy to one where manufacturing and services play a much larger role. One key way of boosting trade and economic development is through participation in free trade agreements (FTAs). Two such pacts that are slated to come into effect in 2019 and could have a profound impact on the … [Read more...] about Vietnam poised to profit from free trade agreements
Free trade agreements take Vietnam economic linkage to new level: PM
The Hanoitimes - Vietnam would participate in a network of 16 FTAs consisting of 60 countries, which accounts for 61% and 68% of global GDP and trade turnover, respectively, the government portal reported. Vietnam’s economic linkage has gone to a new level, thanks to the recent approved Comprehensive and Progressive Agreement for Trans Pacific Partnership (CPTPP) and the upcoming EU – Vietnam Free Trade Agreement (EVFTA), according to Prime Minister Nguyen Xuan Phuc. Prime Minister Nguyen Xuan Phuc at the ABAC meeting. Source: VGP. Vietnam’s recent approval of the CPTPP has shown the country’s determination in a comprehensive reform and integrating in the world economy, while supporting global free trade and investments, Phuc said in the APEC Business Advisory Council (ABAC) meeting in Papua New Guinea on November 17. According to Phuc, CPTPP would bring huge strategic and economic benefits to its members, including Vietnam. More … [Read more...] about Free trade agreements take Vietnam economic linkage to new level: PM
European Commission adopts Vietnam-EU free trade agreement
The Hanoitimes - Vietnam and the European Union (EU) made another move pushing their free trade agreement and Investment Protection Agreement (IPA) into place, during Prime Minister Nguyen Xuan Phuc’s visit to Europe. The European Commission (EC) on October 17 agreed to submit the EU-Vietnam Free Trade Agreement (EVFTA) to the European Council for its signing approval (expected late 2018) and to the European Parliament (EP) for ratification in 2019. The meeting between Prime Minister Nguyen Xuan Phuc and Chairman of the EP’s International Trade Committee Bernd Lange (Photo: VGP) At a press conference, the EU affirmed its commitment to putting the pact in place as soon as possible. The EC’s adoption of the EVFTA ahead of the 12th Asia-Europe Meeting (ASEM) Summit, which takes place on October 18, has shown all sides’ efforts to step up connectivity between Asia and Europe. During his trip, PM Phuc alslo met with other European leaders and … [Read more...] about European Commission adopts Vietnam-EU free trade agreement