(VOVWORLD) - Vietnam has made important gains in socio-economic development thanks to its opening policies to integrate into the world economy and participate in a range of Free Trade Agreements (FTAs). Joining FTAs, especially new generation FTAs, has enabled Vietnam's economy to grow steadily, boost its import and export, and attract foreign direct investment (FDI).
 (Illustrative photo: VNA)) |
Vietnam has signed 19 FTAs, which cover 60 economies with a total GDP accounting for 90% of the world’s GDP, including 15 members of the G20 leading economies. Among them, 15 FTAs have effectively helped Vietnam expand export market, strengthen traditional markets, and pave the way for Vietnamese businesses entering potential markets. In all FTA markets, Vietnam has recorded outstanding export growth year on year.
According to the Ministry of Industry and Trade, the implementation of the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), the EU-Vietnam Free Trade Agreement (EVFTA), the UK-Vietnam Free Trade Agreement (UKVFTA), and other new generation FTAs have increased Vietnam’s export, import, and investment attraction.
Last year trade revenue between Vietnam and CPTPP members totaled 105 billion USD, an increase of 14% compared to 2021. Vietnam’s export revenue to CPTPP members earned 53.6 billion USD, an increase of 17%.
With the EVFTA, two-way trade between Vietnam and EU countries was recorded at 62 billion USD, while Vietnam’s export to EU countries was 46,8 billion USD.
Last year, Vietnam-UK trade totaled 6.8 billion USD, up 3.3% against 2021. Vietnam's export turnover to the UK reached 6 billion USD, an increase of 5.2% from 2021.
New generation FTAs have made Vietnam a favorable destination for international investors, connecting global production and supply chains with the participation of many global manufacturers. An increasing number of investors from developed countries have shifted their production and investment to Vietnam.
When investing in Vietnam, the EVFTA and CPTPP economies will have the opportunity to access Southeast Asia's dynamic market of 650 million people. These conditions have created golden opportunities for Vietnam to attract foreign direct investment.
The Department of Overseas Investment of the Ministry of Planning and Investment estimates that this year Vietnam will attract up to 38 billion USD of FDI, an increase of 37%.
Vietnam has fine-tuned investment policies to attract capital in the support industry to the meet the requirement of proof of origin. It has also improvedthe business environment, accelerated administrative reform, raised the quality of human resources, and enhanced marketing and trade promotion to approach international investors.