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Opportunities from new generation free trade agreements

Opportunities from new generation free trade agreements


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Garment production at Dong Nai Garment Corporation Joint Stock Company (Bien Hoa City).

Over the past year, Vietnam has joined three free trade agreements (FTAs), open up an unprecedentedly large market, including the EU-Vietnam Free Trade Agreement (EVFTA), Regional Comprehensive Economic Partnership Agreement (RCEP) and the UK-Vietnam Free Trade Agreement (UKVFTA), bring the total number of FTAs ​​that Vietnam has signed to 15. This is a big opportunity for enterprises to expand consumption markets, improve competitiveness, promote technological innovation ...

Mr Phan Van Thien, Deputy General Director of Bibica Joint Stock Company (Bien Hoa Industrial Park 1) said that in order to catch up with the integration trend, in addition to the product quality standardization, the company also actively invested modern machinery and equipment lines, towards green and clean production criteria; focus on using a variety of natural flavors and ingredients from regional specialties in the country. This contributes to increase the value of goods, enhance the brand identity and characteristics of the company's products.

In order to help businesses to raise awareness about integration, especially new generation FTAs, in recent years, the Department of Industry and Trade has coordinated with units and localities to strengthen propaganda and dissemination of information about FTAs multilaterally and bilaterally that Vietnam has joined and signed.

Mr Le Van Loc, Deputy Director of the Department of Industry and Trade shared, the Department will regularly follow the program, plan, link with the website and electronic portal of the Ministry of Industry and Trade to provide necessary information on export origin of goods, technical and legal barriers, etc of FTAs. Thereby, help businesses in the province to have more opportunities to access potential markets, prepare necessary conditions for integration and development...

At the conference promoting agricultural value chain linkages - Take advantage of export opportunities from the new generation FTA, which has just been coordinated by the Provincial People's Committee, the Vietnam Association of Farms - Agricultural Enterprises and the Vietnam Chamber of Commerce - Industry (VCCI) branch in Ho Chi Minh City held at the end of April 2021, Vice Chairman of the Provincial People's Committee Vo Van Phi suggested relevant departments, agencies, units and localities to improve the propaganda effectiveness of new generation FTAs; review and have appropriate plans to support enterprises and cooperatives in the province to diversify agricultural product consumption channels, promote trade connections, find ways to improve processing and preservation technology of agricultural products in a modern direction… with the aim of promoting linkages of agricultural value chains and taking advantage and seeking export opportunities from new generation FTAs.​

Author: Phan Anh

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