Friday, June 27, 2025
Home News Vietnam seeks ways to improve its competitiveness

Vietnam seeks ways to improve its competitiveness

Free trade agreements (FTAs) may have significantly reduced import tariffs in many markets for Vietnamese goods, but administrative reform, reduction of trading costs and improving the business environment are key to improving national competitiveness, a forum heard in HCM City.

Phạm Bình An, director of the HCM City International Integration Support Centre, told “The HCM City International Economic Integration Forum 2018: Trade facilitation and enhancing competitiveness” that Việt Nam had 17 FTAs with 60 nations and they offer the nation’s economy the chance to transform.

Ngô Chung Khanh, deputy head of the Ministry of Industry and Trade’s multilateral trade policy department, said: “FTAs have enhanced the competitiveness of enterprises through market access and increased exports.”

He cited the example of the textile industry where non-WTO import duties were 150 per cent, but when a nation joined the WTO it went down to around 25 per cent. Under FTAs, the figure fell to 0 -5 per cent, he said.

“Export turnover has sharply increased from US$5.4 billion in 2006 to $213.8 billion this year.

Read more on Vietnam News.





Latest Posts

Trump’s icebreaker gambit: US sets course for Arctic power play against Russia

In a move that could reshape Arctic geopolitics and redefine shipping lanes for decades, former US President Donald Trump revealed that he has offered...

Port of Barcelona strengthens position as investment magnet with new agreements

Port of Barcelona Management Board has approved four strategic initiatives to enhance competitiveness, expand logistics capacity, advance sustainability, and modernize facilities. At first, Terminal Investments...

Global bunker prices on downward trend

Global bunker indices tracked by Marine Bunker Exchange (MABUX) fell sharply in the 26th week of the year, driven by expectations that a ceasefire...

Mawani signs privatization contracts for cargo terminals at eight Saudi ports

In a major step toward advancing Saudi Arabia’s logistics infrastructure, the Saudi Ports Authority (Mawani) has signed privatization contracts for multipurpose cargo terminals at...

What Makes a Good Personal Injury Lawyer?

A good personal injury lawyer can be an invaluable ally, guiding you through the legal complexities and fighting for the compensation you deserve after...
error: Content is protected !!