VietNamNet Bridge – The signed free-trade agreements (FTAs)
would enable Viet Nam to reel in commercial and investment flows in serving its
growth model restructuring.
The signing and negotiations of
both bilateral and multilateral cooperation documents and FTAs, especially the
Viet Nam-Japan Economic Partnership Agreement (VJEPA), the Trans-Pacific
Partnership (TPP) and the EU-Viet Nam FTA, constitutes positive steps Vietnam
had taken to integrate more deeply into the world economy.
FTAs are forecast to heavily
influence the country’s export flows from raw materials to industrial
manufacturing products.
Regarding TPP, a research in 2012
of Professor Peter A.Petri from US-based University Brandeis predicted that
Viet Nam would benefit largely from exporting industrial processing products,
saying the rate would be between 21-35%.
TPP is said to assist Viet Nam in
forging strong linkages with international supply chains to gain better growth
quality.
Meanwhile, FTA can help improve
the manufacturing sector’s competitiveness by luring more FDI in hi-tech and value-added
areas.
* Viet Nam’s FTA negotiation process
Viet Nam and ASEAN already signed
six multilateral FTAs like the ASEAN Free Trade Are (AFTA) in January 1992, the
ASEAN-China Free Trade Area (ACFTA) in November 2002; the ASEAN Korea Free
Trade Agreement (AKFTA) in August 2006; the ASEAN-Japan Free Trade Agreement
(AKFTA) in April, 2008; the ASEAN-Australia-New Zealand Free Trade Agreement
(AANZFTA) in February, 2009; and the ASEAN-India Trade in Goods Agreement
(AITIG) in August, 2009.
The roadmaps on tax reduction
outlined in the FTAs to which Viet Nam already signed or is negotiating have a
deadline by late 2020.
Specifically, Viet Nam would
finalize tax cuts with other ASEAN member states in 2015 in line with the ASEAN
Trade in Goods Agreement (ATIGA); with China in 2015; the Republic of Korea in
2016; Japan in 2017; India, Australia and New Zealand in 2018.
Viet Nam kicked off the first
bilateral FTA negotiations with Chile in 2008 and reached an agreement to this
in November, 2011.
The country is positively
negotiating other bilateral negotiations, including that with the Republic of
Korea (August 2012).
Particularly, the country is
carrying out negotiations for the Trans-Pacific Partnership (PTT) with eight
partners, including New Zealand, Brunei, Chile, Singapore, Australia, Peru, the
US and Malaysia and began round of talks for FTA with the EU.
As scheduled, Viet Nam would
start talks with the Russia- Kazakhstan-Belarus Customs Union in 2013 and
Ukraine in January 2013.
Source: VGP
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