Vietnam’s challenges and opportunities when joining FTAs

(VOVworld) – A seminar on the role of the National Assembly in the negotiations, signing, and implementation of the Free Trade Agreements (FTA) opened in Hanoi on Tuesday. Vietnam has so far signed 8 FTAs and is negotiating 7 others. Most of the FTAs Vietnam has joined are in Asia, ASEAN, China, the US, and the EU. Delegates agreed that the FTAs would have a big impact on Vietnamese businesses when major tariff reductions begin, which will create a large export market where they would face fierce competition. They said that the biggest challenge for Vietnam will be increased import surpluses as a result of disadvantages in price competitiveness, technology, and foreign trade. In addition, Vietnam has an incomplete legal system, inappropriate to realize international commitments. The delegates suggested that Vietnam fine-tune its legal system, revise laws concerning intellectual property, labor, and the environment, and legalize newly emerging international commitments.