Workers process squid for export at the factory of the Huy Nam Co. Ltd in Chau Thanh district, Kien Giang province (Photo: VNA) Hanoi (VNA) – The participation in new-generation free trade agreements (FTAs) has proved to be a driving force for exports but also posed challenges for Vietnamese firms in meeting importers’ requirements and competing with foreign rivals right in the domestic market. Since Vietnam entered the World Trade Organisation in 2007, it has negotiated 16 FTAs, 12 of which have been inked and taken effect. While the EU-Vietnam FTA has its talks concluded and is waiting for ratification, three other deals are under discussion, namely the Regional Comprehensive Economic Partnership, the FTA between Vietnam and the European Free Trade Association, and the one between Vietnam and Israel. Exports to the countries that have had FTAs with and export structures complementary to Vietnam have increased, including Japan, the Republic of Korea, Australia, New Zealand and the Eurasian Economic Union. The shipments of commodities to many markets like China, ASEAN, Japan and the Republic of Korea have posted even double-digit growth rates. On the other hand, trade deficit has also been growing due to the rising demand for imports from… Read full this story
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