The new generation, Department of Industry and Commerce FTA impacts export and import activities, and investment attraction positively.
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- Business
- 22:28 20/08/2023
DNHN - Presently, Vietnam has signed and implemented a total of 19 FTAs, the majority of which have contributed to the improvement of the competitiveness of Vietnamese goods on the global stage.
On August 16, 2023, the Ministry of Industry and Trade issued Document No. 5545/BCT-DB, which details the results of the implementation of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), The European Union - Vietnam Free Trade Agreement (EVFTA), and the United Kingdom - Vietnam Free Trade Agreement (UKVFTA) in 2022 by ministries, sectors, and localities. According to the Ministry of Industry and Trade, the New-generation free trade agreements (FTAs) have stimulated export and import activities and investment attraction.
CPTPP Agreement: In 2022, the trade volume between Vietnam and CPTPP member nations reached 104.5 billion US dollars, an increase of 14.3 percent from 2021. Vietnam's exports to foreign countries. CPTPP countries reached 53.6 billion USD, an increase of 17.3%, while import turnover reached 50.9 billion USD, an increase of 11.3%. Notably, Vietnam's export market to eight out of ten CPTPP members grew, with Brunei recording the highest growth rate at 163%. Even though some markets, such as Mexico and Peru, experienced a decline in growth (down 0.5% and 5.5%, respectively), the largest market, Canada, still experienced impressive growth of over 20%.
EVFTA Agreement: In 2022, trade between Vietnam and European Union (EU) member states reached 62.24 billion US dollars, a 9.2% increase over 2021. Export turnover Vietnam's exports to EU countries increased by 16.7% to 46.8 billion USD, while import turnover from EU countries decreased by 8.2% to 15.4 billion USD. The export turnover based on the C/O form under EVFTA (EUR.1) has reached 12,1 billion USD, representing 25.9% of the total export turnover to the EU and an increase of 49.4% from 2021.
The trade volume between Vietnam and the United Kingdom will reach $6.8 billion in 2022, a 3.3% increase from 2021. The value of Vietnam's exports to the United Kingdom will reach $6.8 billion. 6.1 billion USD, an increase of 5.2%, while imports from the UK reached 771 million USD, a decline of 9.0%. C/O EUR.1 exports to the United Kingdom reached $1.4 billion, representing 23.5% of total exports to the United Kingdom. Vietnam's significant exports to this market continue to enjoy a healthy utilization rate.
The report also emphasizes the significance of CPTPP, EVFTA, and UKVFTA-related propaganda, information dissemination, competitiveness enhancement, and human resource development. The implementation of these free trade agreements has resulted in favorable brand positioning changes for Vietnamese products on the international market.
Phu Thai
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