Ministry of Industry and Trade makes effective use of FTAs
The Vietnamese Ministry of Industry and Trade’s implementation of free trade agreements (FTAs) has produced positive results in the past two years, an official has said.
Hanoi (VNA) – The Vietnamese Ministry of Industry and Trade’simplementation of free trade agreements (FTAs) has produced positive results inthe past two years, an official has said.
According to Nguyen Cam Trang, Deputy Director of the ministry’sImport-Export Department, in the first five months implementing the EuropeanUnion-Vietnam Free Trade Agreement (EVFTA) from August-December 2020, Vietnam’sexport to the union recorded a positive growth of 3.8 percent, instead of thecontraction in the previous period. Notably, in the subsequent seven months, the figurereached 17.8 percent.
Thanks to the UK-Vietnam Free Trade Agreement (UKVFTA) andthe Comprehensive and Progressive Agreement for Trans-Pacific Partnership(CPTPP), Vietnam’s export turnovers to the UK, and Mexico and Canada have alsoseen significant increases.
The Regional Comprehensive Economic Partnership (RCEP),which becomes effective from January 1, 2022, is expected to create a long-termand stable export market for ASEAN countries in general and Vietnam inparticular.
In order to help businesses make effective use of FTAs, the ministry has continuously stepped up dissemination aboutopportunities, regulations and rules of export to help them enjoy incentivesand meet requirements.
It has also launched its ownportal on FTA (FTAP) and is considered a useful tool for exports to seeknecessary information./.
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Illustrative image (Photo: VNA) 
