New generation FTAs ​​help businesses grow their exports

Export turnover in the first 3 months of 2022 is estimated at nearly 88.6 billion USD, up nearly 13% over the same period last year. According to the Ministry of Planning and Investment, taking advantage of Free Trade Agreements (FTAs), especially new generation FTAs, has contributed to boosting exports.

To continue to promote and make good use of the opportunity export In the following quarters, many enterprises have been improving their production machines and investing in product quality to expand the market.

Being completely exempt from tax or having to pay a very low import-export tax rate compared to the past is a positive factor that helps Vietnamese businesses promote more trade activities.

The leading export market of Vietnam’s goods is still the US with about 25.2 billion USD/year, followed by China, the EU and the US. ASEAN region.

The new generation FTA helps businesses grow their exports. Illustration – Photo: VNA.

According to businesses, new-generation trade agreements have created a transparent commercial legal framework, facilitated competition, and created long-lasting effects on import and export activities of Vietnamese enterprises.

Ms. Bui Thi Thanh An – Deputy Director of the Trade Promotion Department, Ministry of Industry and Trade said: “Enterprises also need to improve their capacity and experience to be able to deal with lawsuits when exporting to other countries.” .

According to the Ministry of Industry and Trade, if businesses continue to effectively exploit Free Trade Agreements (FTAs), especially new generation FTAs, this will be the key to realizing export goals in the world. $356 billion in 2022.

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