Hastening institutional reform and improving competitiveness has become more pressing than ever for Vietnam to help firms grab opportunities from several new-generation free trade agreements (FTAs).
Hanoi (VNA) - Hastening institutional reform and improvingcompetitiveness has become more pressing than ever for Vietnam to help firmsgrab opportunities from several new-generation free trade agreements (FTAs).
Sinceentering the World Trade Organisation, reforms have been a focus but resultsremain disappointing, reported the Central Institute for Economic Management(CIEM) at a conference in Hanoi on January 20.
Withnew-generation FTAs like the European Union – Vietnam FTA (EVFTA) which wentbeyond tax liberalisation and facilitation, the pressure for institutionalreform intensified in the Southeast Asian nation.
Accordingto Tran Toan Thang from CIEM, the EVFTA did not directly require Vietnam torevise its legal documents and policies but doing this would be vital to limitnegative impacts and take advantage of opportunities.
HoangVan Phuong, Director of the ASEAN Department under the Department forMultilateral Trade, said at the conference that the EVFTA would come into forcein 2018 and its commitments were under legal review.
Phuongsaid that the Ministry of Industry and Trade estimated 44 Vietnamese legaldocuments must be amended and five new ones issued.
CIEMDirector Nguyen Dinh Cung stressed the importance of the trade deal to theVietnamese economy despite Brexit.
“Vietnammust implement the EVFTA with seriousness,” Cung said. “Opportunities arethere. But the Government must speed up reforms to enable firms to grabopportunities.”
Improveawareness
Improvingbusinesses’ understanding of the EVFTA is also vital.
Asurvey carried out by CIEM on 120 firms that import and export to and fromEuropean markets showed that 69 percent of respondents had heard about theEVFTA but did not know anything about it.
Only5 percent of them said they had deep knowledge while the rest had basicknowledge about the trade deal.
Anothersurvey by the Vietnam Chamber of Commerce and Industry found that 63 percent ofbusinesses had not taken any steps to get ready for the EVFTA or other tradedeals.
TheEVFTA would open opportunities for Vietnamese products such as garments,seafood, fruits and footwear with the removal of most of tariff lines, expertssaid.
NguyenMinh Thao, head of the CIEM’s Business Environment Department, said thatVietnamese businesses must improve product quality and competitiveness toexpand in the European market where there were strict quality requirements.
TheEVFTA is expected to boost Vietnam’s export revenue to the EU by 4.6 percent.-VNA
Vietnam’s exports to the EU grew significantly in recent years, with Vietnam’s trade surplus in the market reaching nearly 20 billion EUR in 2015, mostly from exports of agricultural products.
The parliament of Wallonia, a region of Belgium, organised a discussion session on December 1 on the Vietnam-European Union (EU) Free Trade Agreement (EVFTA) at Namur city, the region’s capital city.
European investors are running 1,809 valid projects worth 23.16 billion USD in Vietnam, accounting for 8.7 percent and 8 percent of total EU projects and investment in the country.
The new Government decree also simplifies loan procedures while expanding credit incentives to include organic and circular agriculture, allowing them to access preferential terms similar to those of high-tech and value-chain based agricultural production.
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The Binh Duong Association of Supporting Industries (BASI) is expected to promote the usage of domestically manufactured components while supporting businesses in accessing international markets, strengthening linkages, and promoting deeper integration into global supply chains.
PwC Vietnam forecasts a vibrant M&A market in Vietnam’s healthcare sector in 2025, driven by rising demand for high-quality medical services and a growing middle class. Pharmaceutical companies, private hospitals, and specialised medical facilities, particularly in ophthalmology and oncology, are predicted to be key targets for M&A.
The central province of Quang Nam is set to become a hub for the medicinal plant industry, with Ngoc Linh ginseng designated as the core crop, under the Prime Minister's decision issued earlier this year.
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
Sun PhuQuoc Airways was born as a perfect piece in Sun Group’s strategic vision to build a premium ecosystem of tourism, entertainment, real estate, and aviation. With a pioneering ambition, Sun PhuQuoc Airways is not just an airline, but a symbol of connection – bringing the world to Phu Quoc and taking Phu Quoc to the world.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Processing seafood for exports (Source: VNA)
