Lindsey Ice, senior economist from Spanish-based FocusEconomics, which provides in-depth global economic analysis Since the doi moi policy started in 1986 and more recently through its accession to the World Trade Organization in 2007, Vietnam has become a success story of robust economic growth driven by trade liberalisation and global integration. Indeed, Vietnam’s opening to international commerce and FDI has undoubtedly played a pivotal role in the stellar growth it has experienced over the last three decades, which transformed it from one of the poorest nations in the world to a middle-income market economy. Its economic narrative has been one of rapid transition from an agriculture-based economy to one where manufacturing and services play a much larger role. One key way of boosting trade and economic development is through participation in free trade agreements (FTAs). Two such pacts that are slated to come into effect in 2019 and could have a profound impact on the … [Read more...] about Vietnam poised to profit from free trade agreements
Free trade agreements
Free trade agreements take Vietnam economic linkage to new level: PM
The Hanoitimes - Vietnam would participate in a network of 16 FTAs consisting of 60 countries, which accounts for 61% and 68% of global GDP and trade turnover, respectively, the government portal reported. Vietnam’s economic linkage has gone to a new level, thanks to the recent approved Comprehensive and Progressive Agreement for Trans Pacific Partnership (CPTPP) and the upcoming EU – Vietnam Free Trade Agreement (EVFTA), according to Prime Minister Nguyen Xuan Phuc. Prime Minister Nguyen Xuan Phuc at the ABAC meeting. Source: VGP. Vietnam’s recent approval of the CPTPP has shown the country’s determination in a comprehensive reform and integrating in the world economy, while supporting global free trade and investments, Phuc said in the APEC Business Advisory Council (ABAC) meeting in Papua New Guinea on November 17. According to Phuc, CPTPP would bring huge strategic and economic benefits to its members, including Vietnam. More … [Read more...] about Free trade agreements take Vietnam economic linkage to new level: PM
European Commission adopts Vietnam-EU free trade agreement
The Hanoitimes - Vietnam and the European Union (EU) made another move pushing their free trade agreement and Investment Protection Agreement (IPA) into place, during Prime Minister Nguyen Xuan Phuc’s visit to Europe. The European Commission (EC) on October 17 agreed to submit the EU-Vietnam Free Trade Agreement (EVFTA) to the European Council for its signing approval (expected late 2018) and to the European Parliament (EP) for ratification in 2019. The meeting between Prime Minister Nguyen Xuan Phuc and Chairman of the EP’s International Trade Committee Bernd Lange (Photo: VGP) At a press conference, the EU affirmed its commitment to putting the pact in place as soon as possible. The EC’s adoption of the EVFTA ahead of the 12th Asia-Europe Meeting (ASEM) Summit, which takes place on October 18, has shown all sides’ efforts to step up connectivity between Asia and Europe. During his trip, PM Phuc alslo met with other European leaders and … [Read more...] about European Commission adopts Vietnam-EU free trade agreement
EU – Vietnam Free Trade Agreement: Impacts and expectations
Former Minister of Industry and Trade Truong Dinh Tuyen, key expert of the EU - MUTRAP Project speaks at the workshop - Photo: mutrap.org.vn In the context of preparation for the signing and implementation of the Agreement, Central Institute for Economic Management (CIEM), in cooperation with the EU - MUTRAP, organized the workshop entitled "Consultation on potentials impacts of the EU - Vietnam Free Trade Agreement on Vietnam's economy". The workshop was held on November 2nd in Hanoi and on November 28th, 2017 in Ho Chi Minh City. The workshop created a platform for discussion and exchange of opinions and updates on the impacts of the EVFTA on different sectors and on the economy of Vietnam as a whole. Besides, the workshop identified opportunities, directions for actions as well as solutions to deal with challenges to take full advantage of the EVFTA. Opening the workshop, Mr. Phan Duc Hieu, Vice President, Central Institute for Economic Management (CIEM) said "As a comprehensive … [Read more...] about EU – Vietnam Free Trade Agreement: Impacts and expectations
Brussels workshop talks about EU-Vietnam Free Trade Agreement
Vietnamese Ambassador to Belgium Vu Anh Quang (L) and Member of the European Parliament Jan Zahradil at the workshop (Source: VNA) Brussels (VNA) – The Vietnamese Embassy in Belgium, in collaboration with the European Union (EU), the EU-Vietnam Friendship Parliamentians' Group and the European Institute for Asian Studies, held a workshop in Brussels on June 20 to speed up the signing and ratification of the EU-Vietnam Free Trade Agreement (EVFTA). Speaking at the event, Vietnamese Ambassador Vu Anh Quang stressed the positive results of economic, trade and investment cooperation between Vietnam and the EU, calling for the union’s strengthened collaboration with Vietnam and the Association of Southeast Asian Nations (ASEAN). According to him, the EVFTA is a balanced document that benefits both the EU and Vietnam and has big influences on bilateral political, economic, trade and investment ties. The agreement will help EU companies access the 90-million-people strong … [Read more...] about Brussels workshop talks about EU-Vietnam Free Trade Agreement