Fta

A key strength in Vietnam’s business environment is the country’s proliferating membership of free-trade agreements.

The RCEP with flexible rule of origins is seen as a plus point for Vietnam’s textile industry to further penetrate potential markets.

Vietnamese exporters might find it easy to meet the required rules of origin for their products as a significant portion of its production input is sourced from China and South Korea.

The government forewent over VND8.2 trillion (US$355.45 million) in customs revenue between January and October as a result of Vietnam's commitments to free trade agreements.

While FTAs are beneficial to Vietnamese enterprises, only foreign-invested firms so far are able to take full advantage of these trade deals, stated a senior government official.

While the UK continues to be a potential market for Vietnam’s key export staples, the latter could be a springboard for British companies to reach a broader market in Southeast Asia.

The Vietnamese government is recommended to consider applying AMRO’s “4C and 4R” framework on policy design toward robust economic recovery and sustainable growth.

In addition to the ratification of new laws, Vietnam’s participation in high-standard FTAs ensures the country’s status among attractive investment destinations, Prime Minister Nguyen Xuan Phuc has said.

The Ministry of Science and Technology is working on amendments to the Law on Intellectual Property to integrate international commitments into the national legal system.

Benefits from FTAs have not brought along breakthrough changes for Vietnam, as most partners have similar economic structure, or even directly compete with Vietnam.