Other knowledge
In order to widely inform about Vietnam's international economic integration process in the past time, the Ministry of Finance held a thematic press conference on this content.
Currently, Vietnam is negotiating 4 Free Trade Agreements including Vietnam-EU Agreement, Vietnam-Four Nordic Countries (EFTA), Regional Comprehensive Economic Partnership Agreement (RCEP) and Agreement Trans-Pacific Strategic Partner (TPP). In which, TPP and Vietnam-EU agreement are two agreements that will have big economic impact.
These trade agreements, when signed, will be an important boost for Vietnam to continue promoting trade with its partners, further expanding the market for exports, especially those products. Vietnam has advantages such as: Fisheries, textiles, footwear and some other agricultural products thanks to taking advantage of the open policy from the markets brought by FTAs.
According to the report of the International Cooperation Department (ICD): In the process of international economic integration, Vietnam has become a member of many trade agreements and is also negotiating a number of trade agreements. other important. So far, Vietnam has signed 10 bilateral and multilateral free trade agreements (FTAs).
In the current period, Vietnam has been more active in participating in bilateral trade agreements such as FTA with Chile and Japan. Besides, Vietnam is also negotiating and signing 6 other important bilateral and multilateral agreements such as: Vietnam-EU Agreement, Vietnam - Eurasian Economic Alliance (formerly called Customs Union) including Russia, Belarus and Kazakhstan (VCUFTA), Vietnam - Four Nordic Countries (EFTA), Regional Comprehensive Economic Partnership Agreement (RCEP) and Agreement Trans-Pacific Partnership (TPP).
The Ministry of Finance has also actively participated in negotiating FTAs in the areas of tax (market access), financial services (including insurance and securities), and other services under the management of Ministry of Finance (Accounting, auditing, tax consulting, valuation services, electronic game business services, lottery business, gambling, betting) and participation with ministries managing other contents such as Government procurement, subsidies, export credits ...
In the period 2015-2018, most of the signed trade agreements will step into a period of deep tariff reduction and elimination, especially the ATIGA, ASEAN - China and ASEAN - South Korea Agreements. The final tariff elimination points are in 2018, 2020 and 2021 respectively. Some other FTAs such as AJCEP, AANZFTA show that Vietnam has many opportunities to penetrate and develop the export of goods to partner countries. Japan, Australia and New Zealand are markets in which Vietnam has a trade surplus while Vietnam has not yet gone into a deep tariff cut stage but partner countries have a shorter tariff elimination schedule, facilitating for Vietnamese exports. For the 8 FTAs signed and in progress, the Ministry of Finance has issued Circulars to implement the Special Preferential Import Tariff for each period.
Source: Baolaodong