Viet Nam signs 15 FTAs with foreign partners

VGP - Viet Nam is the only country which has signed FTAs with all major economic partners namely the U.S., Japan, China, the EU, South Korea , the UK and Russia.

June 09, 2023 5:07 PM GMT+7

So far, Viet Nam has already signed 15 FTAs and is negotiating on other four trade deals.

These FTAs provide Vietnamese businesses with many advantages to promote trade activities, connect businesses, and bring Vietnamese products and goods to consumers in many major markets around the world.

Last year, the total export turnover using preferential C/O under FTAs valued US$78.3 billion, accounting for 33.61 percent of the US$233 billion export turnover of Viet Nam to FTA markets.

The MoIT reported that the rate of using preferential C/O is 33.61 percent and the growth rate of 13.18 percent showed recovery signs of Vietnamese exports in FTA markets in the post- COVID-19 pandemic.

The implementation of the FTA system has effectively spurred trade in goods, creating a driving force to help Viet Nam make a total import-export turnover of more than US$730 billion in 2022, the trade balance continued to run a surplus for the 7th consecutive year.

Viet Nam’s import-export value in the first five months of this year was estimated at US$262.54 billion, down 14.7 per cent year-on-year, with a trade surplus of $9.8 billion, according to the General Statistics Office (GSO).

Viet Nam exported about US$136.17 billion worth of goods, a year-on-year drop of 11.6 per cent, while imports totaled US$126.37 billion, down 17.9 per cent year on year./.