FTAs - 'Wings' for Quang Ninh enterprises to soar
WVR - Quang Ninh has proactively engaged in international economic integration by effectively implementing and exploiting Free Trade Agreements (FTAs) to support enterprises in "opening doors" to export markets worldwide.
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| Vina New Tarps Vietnam Co., Ltd. at Cai Lan Industrial Park, Ha Long City, Quang Ninh, has actively leveraged FTAs for export. (Source: BQN) |
Currently, Vietnam has 16 FTAs in effect with more than 60 partners, mostly major economies across continents, accounting for nearly 90% of the global GDP. These FTAs have contributed to making Vietnam one of the top 20 countries in the world in terms of international trade scale, with high, stable growth rates continuous records of trade surplus.
Proactive Enterprises
Taking advantage of the great opportunities from FTAs, in recent times, Quang Ninh province has increased the number of conferences, seminars, and training sessions with the participation of senior experts from the central government; actively implemented programs for trade promotion, investment, tourism, brand building; developed e-commerce to enhance the ability to transact, search, and expand markets.
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'Sweet fruits' from FTAs still await active participation of enterprises |
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Quang Ninh has also actively coordinated with Vietnamese representative missions abroad, foreign diplomatic missions in Vietnam, the business community and relevant agencies to expand export markets, promote trade and tourism, attract investment, support and protect rights of provincial enterprises and consumers in international economic disputes.
Some businesses and traders in the area have taken the initiative to learn, or through the support of the Department of Industry and Trade of Quang Ninh province, to receive new information about the negotiation processes of Vietnam's Free Trade Agreements and the tax reduction roadmap according to signed FTAs. From there, they have effectively utilized the benefits brought by the FTAs to seek cooperation opportunities in production and export with new partners, especially high-potential markets such as Japan, South Korea, the United States, and Europe.
According to a representative of Tuan Hung Trading Import-Export Company, their goods, when exported to member countries of the agreements, enjoy tax incentives due to Vietnam's participation in FTAs. This helps increase product competitiveness.
A representative of Quang Ninh Seafood Import-Export Joint Stock Company also noted that through the FTAs, significant tax reductions on many export items have been implemented.This makes greatly benefit for businesses operating in import-export. "The FTA has contributed positively to the overall success of the company's export activities. The company continues to fully meet the export requirements under the FTA implementation to enjoy the benefits provided by the agreements," said the representative of Quang Ninh Seafood Import-Export Joint Stock Company.
Meanwhile, Vina New Tapra Co., Ltd. stated that the company has utilized FTA incentives to export products to major markets such as Europe, America, and Asia. The representative of this company judmented that the FTAs have provided significant incentives for Vietnamese exporting to the EU market. This is an advantage for the company to compete with Chinese tarp companies on tariffs in the new situation.
"We always try to improve product quality and the working environment for workers to meet the stringent requirements of the European market," shared Vina New Tapra Co., Ltd.
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| Import-export activities at Cai Lan Port, Quang Ninh. (Source: BQN) |
Grasping Market Signals, Increasing Opportunities from FTAs
The leader of the Quang Ninh Business Association said that in the context of the current global economic recession, a decline in export orders is unavoidable. Therefore, to ensure the export growth target, economic experts suggest that businesses must grasp market signals well and fully utilize opportunities from the FTAs that Vietnam has signed.
Regarding Quang Ninh province, they have identified that promoting the dissemination and popularization of the content and policies of the FTAs is very important for state management agencies as well as businesses and everyone to timely grasp and effectively apply them. Provincial departments, sectors and localities are interested in the dissemination and popularization of key policy of the new-generation FTAs to officials, civil servants, public employees, organizations, and businesses in the province, particularly about the new-generation FTAs that Vietnam has signed, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the Vietnam-EU Free Trade Agreement (EVFTA), and the Vietnam-UK Free Trade Agreement (UKVFTA).
The province also strengthens measures and mechanisms to encourage and guide foreign-invested enterprises to connect with domestic enterprises in order to form and develop supply chains.
Currently, many products of Quang Ninh province are deep-processed and meet export standards to markets in Europe, the United States, and Japan, such as oyster sauce, Pacific shrimp, yellow turmeric, candles... contributing to the overall economic development of the province.
In the first quarter of 2024, the export turnover of enterprises in province is estimated to reach 791 million USD, an increase of 17.42% compared to the same period in 2023, and an increase of 1.2% over the growth scenario.
In the near future, Quang Ninh will continue to implement and execute the FTAs that Vietnam has signed; review and evaluate the implementation roadmap of current international economic integration commitments and their impact on each sector to adjust development strategies suitably; promptly grasp arising issues and propose solutions.
The province also strengthens measures to support, enhance competitiveness, and develop the brand for businesses; resolves policy-related difficulties and obstacles to develop domestic raw materials to help businesses meet the rules of origin and better exploit the opportunities brought by FTAs, especially new-generation FTAs.
At the same time, the province focuses on innovating forms and content of dissemination and popularization about FTAs and coordinates with the Ministry of Industry and Trade to receive, operate, upgrade, and develop Free Trade Agreement Portal (FTAP) to connect businesses with state management agencies during implementing FTAs and support businesses in the integration period.
