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Vietnam Business » Vietnam Import Export News » Exports to free-trade areas rise by 54% over last year

Exports to free-trade areas rise by 54% over last year

Viet Nams export growth to the ASEAN-South Korea block hit 67.5 per cent, 49 per cent for Japan, 56 per cent for China and 36 per cent for Laos. Exports to ASEAN skyrocketed by 98 per cent, according to the department.

Viet Nams export value to free-trade areas reached US$4.2 billion in the first half of this year, up 54 per cent against the same period last year, said Pham Van Chinh, director of the Ministry of Industry and Trades import and export department. He attributed the high growth to the fact that local enterprises took full advantage of tax cuts and elimination as well as preferential policies offered by countries with which Viet Nam has signed free trade agreements. As a result of the increase, the proportion of Vietnamese exports to free trade areas rose to 12.9 per cent, compared to between 9 and 10 per cent in the past two years. One of the great advantages of free trade agreements was that Vietnamese exporters were fully aware of which commodities they had a competitive edge in and they were able to determine the best markets to target because tax reductions and elimination were very specific and clear under the respective free trade agreements, Chinh said. For instance, the Viet Nam - Japan Economic Partnership Agreement, which took effect last October, stipulates that textiles and garments imported by Japan are exempt from taxes. This stipulation opened significant opportunities for Vietnamese producers to boost exports to this traditional and fully promising market, he added. It will also be convenient for local companies to enhance their exports from now to 2012 when other countries will remove their import duties on almost all goods. During that time, Viet Nam will still be at the initial stages of cutting tariffs. Import duties for 90 per cent of categories of goods from ASEAN, including Viet Nam, into China have already reduced from 0-5 per cent, while Viet Nam has merely cut import taxes for Chinese goods by 30 per cent. Beginning in 2011-12, Viet Nam will further decrease import tariffs to fulfil its commitments for openness by 2016-18. It was expected that the countrys total export turnover would reach $67 billion this year, with the value to free trade areas likely hitting about $6 billion, said Minister of Industry and Trade Vu Huy Hoang. Viet Nam is currently negotiating trade agreements with other important markets, including the Trans-Pacific Strategic Economic Partnership (TTP) and the European Free Trade Association (EATF). The TTP is a multilateral free trade agreement to promote economic integration among nations in the Asia-Pacific region as well as help improve local production. The framework currently includes eight countries: Australia, Brunei, Chile, New Zealand, Peru, Singapore, the US and Viet Nam. The EATF is a free trade organisation that includes Iceland, Norway, Switzerland and Liechtenstein. Viet Nam has also been hastening negotiations for a Partnership and Co-operation Agreement (PCA) and a Free Trade Agreement with the European Union.

Vietnam Business And Financial News Network. Source [english.vietnamnet.vn]

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