Free trade agreements (FTAs) may have significantly reduced import tariffs in many markets for Vietnamese goods, but administrative reform, reduction of trading costs and improving the business environment are key to improving national competitiveness, a forum heard in HCM City.
Phạm Bình An, director of the HCM City International Integration Support Centre, told “The HCM City International Economic Integration Forum 2018: Trade facilitation and enhancing competitiveness” that Việt Nam had 17 FTAs with 60 nations and they offer the nation’s economy the chance to transform.
Ngô Chung Khanh, deputy head of the Ministry of Industry and Trade’s multilateral trade policy department, said: “FTAs have enhanced the competitiveness of enterprises through market access and increased exports.”
He cited the example of the textile industry where non-WTO import duties were 150 per cent, but when a nation joined the WTO it went down to around 25 per cent. Under FTAs, the figure fell to 0 -5 per cent, he said.
“Export turnover has sharply increased from US$5.4 billion in 2006 to $213.8 billion this year.
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