New-generation free trade agreements: opportunities and challenges
(VOV) -A seminar was held in Hanoi on August 13 emphasizing the importance of free trade agreements and new-generation free trade deals.
Vietnam has so far signed 10 trade agreements and is negotiating 5 other new-generation FTAs which will help many Vietnamese products enjoy preferential tariff rates, be exempted from tax and lure more foreign investment.
Duong Van Dan, director of the Bigsun Company in Vietnam, said that apart from the opportunities, FTAs will also pose challenges and increase the competitive pressure on domestic goods.
He noted, "Vietnamese businesses to make careful preparations to be able to penetrate FTA markets.
Currently we haven’t been strong enough to compete there. What we should do right now is to improve competitiveness, invest more in infrastructure and equipment, and apply new standards and ways of management.”