Free Trade Agreements Create New Business Opportunities in Vietnam
Vietnam is making rapid progress in concluding free trade agreements with other countries and regions in order to boost trade and investment and create business opportunities.
On May 29th Vietnam signed a Free Trade Agreement with the Eurasia Economic Union, whose members include Russia, Belarus, Kazakhstan, Armenia and Kyrgystan. The agreement will see the elimination of tariffs on a number of products such as dairy products, poultry and gasoline.
Earlier last month, Vietnam also signed a Free Trade Agreement with South Korea, and is in ongoing discussions with the U.S. about joining the Trans Pacific Partnership Free Trade Agreement.
The FTA discussions with the EU are also progressing well. On May 29th , the EU and Vietnam concluded a 12th round of negotiation on a Free Trade Agreement between the EU and Vietnam, in which issues related to trade in goods, rules of origin, intellectual property rights and sustainable development were addressed.
The negotiations with Vietnam and the EU have been ongoing since May 2012. Total merchandise trade between EFTA and Vietnam reached 2.17 billion in 2014, almost a 20% increase from the previous year.
We expect that these Free Trade Agreements will strengthen Vietnam’s competitive advantage as an manufacturing and trade hub in the region.
If you are interested in doing business in Vietnam, do not hesitate to contact our Vietnam Desk.