A seminar being held in Hà Nội on October 31 to discuss how to enhance implementation of free trade agreements. The Ministry of Industry and Trade is helping provinces improve their capability in this regard. — VNA/VNS Photo
HO CHI MINH CITY: The Industry and Trade Ministry is focusing on helping local businesses take advantage of free-trade agreements (FTAs) such as the United Kingdom-Vietnam FTA and European Union–Vietnam FTA, by issuing an FTA index by the end of next month.
Vietnam’s participation in several new FTAs has opened up opportunities for it to expand its export markets, attract foreign investment and fostere economic development and trade.
The country has been making efforts to link local exporters with foreign partners, and encouraging them to make use of the trade deals through conferences, seminars, online resources and others.
Last year, 11 more provinces exported to countries that signed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership than in 2021.
Similarly, 44 provinces exported to Britain by making use of the UK–Vietnam FTA in 2022, an increase of 13.
Also, 11 more provinces exported to markets that are part of the European Union–Vietnam FTA.
According to experts, there is still more room for Vietnam to exploit in these markets since they have not reached their full potential, and the number of exporters remains low.
Several provinces have recorded low exports to these markets. This is because many provinces are still not paying sufficient attention to the FTAs.
Activities to support the utilisation of FTAs by businesses are carried out broadly, without focusing on specific industries or the provinces’ strengths, according to the Industry and Trade Ministry.
“There have been many conferences and seminars to raise awareness of FTAs, but their depth of information does not satisfy businesses’ demands,” it said.
Head of the Department for General Economic Issues and Integration Studies at the Central Institute for Economic Management Nguyen Anh Duong, said while many provinces have reached out for help to make use of FTAs, many see FTAs as something out of their reach.
He was speaking Hanoi in October, discussing ways to increase the effectiveness of local level FTAs. — Viet Nam News/ANN
