Permanent NA Vice Chairwoman Tong Thi Phong at the event (Photo: VNA) Hanoi (VNA) – The National Assembly StandingCommittee’s supervision delegation in charge of the implementation of freetrade agreements (FTAs) to which Vietnam is a member held a working session withthe Government, ministries and agencies in Hanoi on September 23.
Speaking at the event, Minister of Industry and Trade TranTuan Anh said Vietnam has so far signed 13 FTAs and negotiated three otherswhich brought about positive impact on the economy.
In 2019, trade between Vietnam and 10 member states of theComprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)hit 77.4 billion USD, up 3.9 percent annually. Vietnam’s exports to them alsorose by 0.7 percent year-on-year to 37.9 percent, resulting in a trade surplusof 1.6 billion USD against a deficit of 0.9 billion USD in 2018.
Permanent NA Vice Chairwoman Tong Thi Phong said theGovernment’s report has made clear Vietnam’s commitments in FTAs to which thecountry is a member, including those regarding tariff and non-tariff barriers,customs, investment protection, intellectual property, and public procurement,among others.
The Government also actively devised legal documents torealise resolutions approved by the legislature, the report said, adding thatFTA implementation has brought positive effect on Vietnam’s politics, foreignrelations, economy, and national defence-security, thus raising its stature oninternational arena.
Phong pointed out that competition among major economies hasbecome increasingly intense while Vietnam’s exports are mostly crude products. Therefore,domestic firms have to strive hard to expand their reaches overseas.
She asked the NA, Government, ministries, agencies andlocalities to raise public awareness of FTAs that Vietnam already joined, whilestepping up exports to tap their incentives. Further attention must also bepaid to products of strength and new foreign markets.
Ministries and agencies were also assigned to work closelywith the Ministry of Industry and Trade to effectively realise FTAs and offertimely suggestions to the Party, State, and Government./.
Speaking at the event, Minister of Industry and Trade TranTuan Anh said Vietnam has so far signed 13 FTAs and negotiated three otherswhich brought about positive impact on the economy.
In 2019, trade between Vietnam and 10 member states of theComprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)hit 77.4 billion USD, up 3.9 percent annually. Vietnam’s exports to them alsorose by 0.7 percent year-on-year to 37.9 percent, resulting in a trade surplusof 1.6 billion USD against a deficit of 0.9 billion USD in 2018.
Permanent NA Vice Chairwoman Tong Thi Phong said theGovernment’s report has made clear Vietnam’s commitments in FTAs to which thecountry is a member, including those regarding tariff and non-tariff barriers,customs, investment protection, intellectual property, and public procurement,among others.
The Government also actively devised legal documents torealise resolutions approved by the legislature, the report said, adding thatFTA implementation has brought positive effect on Vietnam’s politics, foreignrelations, economy, and national defence-security, thus raising its stature oninternational arena.
Phong pointed out that competition among major economies hasbecome increasingly intense while Vietnam’s exports are mostly crude products. Therefore,domestic firms have to strive hard to expand their reaches overseas.
She asked the NA, Government, ministries, agencies andlocalities to raise public awareness of FTAs that Vietnam already joined, whilestepping up exports to tap their incentives. Further attention must also bepaid to products of strength and new foreign markets.
Ministries and agencies were also assigned to work closelywith the Ministry of Industry and Trade to effectively realise FTAs and offertimely suggestions to the Party, State, and Government./.
VNA
