Viet Nam releases first FTA Index

This is the first FTA Index created by the Ministry of Industry and Trade in coordination with relevant ministries and agencies.

Specifically, it provides transparent and objective data for the Government, central agencies, and local authorities to guide, monitor, and manage economic integration. It also serves as a foundation for policy formulation and local development strategies, contributing to sustainable export growth.

The FTA Index is based on four main pillars: FTA dissemination and advocacy; implementation of legal regulations on FTAs; support policies to enhance competitiveness; and the implementation of commitments on sustainable development.

The top 10 localities leading the country in terms of FTA Index score in 2024 are: Ca Mau, Thanh Hoa, Binh Duong, Khanh Hoa, Tra Vinh, Long An, Ha Giang, Bac Lieu, Ninh Binh, and Dien Bien.

The 2024 FTA Index recorded an average score of 26.20 points across 63 provinces and cities, while the lowest-scoring locality reached only 14.49 points. This indicates a significant disparity among localities in their capacity to implement integration commitments.

Addressing the event, Prime Minister Pham Minh Chinh said that the government will continue to optimize the FTAs' advantages, strengthen international commitments, expand markets, pursue new trade agreements with potential partners, and diversify markets and supply chains.

The effective implementation of the FTAs is not only about fulfilling international commitments but also serves as a catalyst for domestic reform, market expansion and diversification, he stressed.

The Government leader tasked relevant ministries and agencies to work with the Ministry of Industry and Trade to perfect the instrument in favor of national development.

To date, Viet Nam has signed and implemented 17 FTAs with more than 60 partners on all the five continents.

Viet Nam has demonstrated remarkable success in attracting FDI solidifying its position as a prime destination for international investors. Last year, the country absorbed nearly US$38.23 billion in foreign investment, reflecting robust investor confidence. Notably, FDI disbursement reached a record high of approximately US$25.35 billion, marking a 9.4 percent increase compared to 2023. Viet Nam received investments from 114 countries and territories. Singapore took the laed with nearly US$10.21 billion, followed by the RoK with US$7.06 billion.

The norther province of Bac Ninh was the biggest recipient by attracting US$5.12 billion, followed by Hai Phong with US$4.94 billion and Ho Chi Minh City with US$3.04 billion./.