Viet Nam is increasingly integrating deeply into the regional and global economy. After becoming a member of the World Trade Organization (WTO), Viet Nam has joined 17 Free Trade Agreements (FTAs), of which 15 FTAs are in effect, including new generation FTAs such as: The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the FTA between Viet Nam and the European Union (EVFTA), the FTA between Viet Nam and the United Kingdom of Great Britain and Northern Ireland (UKVFTA). Currently, Viet Nam is one of the most open economies in the world, connecting trade and investment with nearly all countries in the world, including many potential markets.
This is a great advantage for Viet Nam to help domestic enterprises develop and increase their competitiveness in the international market, as well as attract foreign investment. However, although Viet Nam’s economic, trade and foreign investment attraction after Viet Nam’s participation in FTAs have been positive, in fact there are still many shortcomings that need to overcome to improve the implementation of Viet Nam’s FTAs.
According to some surveys:
More than 80% of Viet Nam’s exports are concentrated in East Asian markets while these are markets where Viet Nam has a large trade deficit. The proportion of large FTA markets such as the EU, Canada, and Mexico has barely grown or accounts for a very low proportion.
Less than 10% of Vietnamese enterprises clearly understand FTA commitments.
Over 90% of Viet Nam’s exports are by FOB mode, not proactive about transportation and insurance to maximize profits.
Less than 10% of Vietnamese enterprises build their own brands or protect their trademarks and geographical indications in foreign markets.
Over 80% of Vietnamese enterprises do not know well about foreign markets (import regulations, distribution systems, reputable partners, etc.) to access long-term and sustainable export markets.
Less than 1% of Vietnamese enterprises are interested in building and training human resources who understand FTAs and international economic integration.
KTP Free Trade Agreement & Investment Consulting Co., Ltd (KTPC) with a team of domestic and foreign experts and senior advisors with experience and deep expertise in international trade and investment, especially many people have directly participated in negotiating and guiding the implementation of commitments within the framework of the World Trade Organization (WTO) and Viet Nam’s FTAs will help businesses and investors make effective use of the FTAs that Viet Nam has joined, bringing prosperity to businesses and Vietnamese people.
KTPC is proud to be the leading consulting firm in the field of investment and international trade. We will offer comprehensive and specific in-depth solutions to take advantage of FTAs, provide high-class professional advice on complex export, import, investment and FTA related activities.