Supporting localities in effectively exploiting benefits brought about by free trade agreements (FTAs) was the focus of a seminar held by the Cong Thuong magazine of the Ministry of Industry and Trade (MoIT) in Hanoi on October 31.

As heard at the event, Vietnam’s participation in numerous new-generation FTAs has opened up myriad opportunities for the country to grow, diversify import-export markets, and attract foreign investment. These have had a positive impact on the economic and social development of localities nationwide.

However, significant potential in exploiting these FTA markets is still left untapped, while many localities have not paid due attention and commitment to the implementation of those trade pacts, thus making it difficult for local firms to create breakthroughs in business.

Do Thi Thuy Huong, an executive committee member of the Vietnam E-commerce Association, opined that there should be cohesive guidance from the central government down to local authorities to effectively utilise and implement FTAs.

The MoIT needs to give similar guidance to each locality regarding suitable investment attraction categories, she recommended, explaining that it is a way to increase indirect export.

Ngo Chung Khanh, Deputy Director of the MoIT’s Multilateral Trade Policy Department, said the ministry has foreseen many challenges facing the building of the FTA Index, which gives reliable additional information to help investors make investment decisions, encouraging high-quality investment flows to tap opportunities from FTAs.

According to the official, the ministry is currently in the final stages of selecting the entity to conduct related evaluations and surveys. It will have to seek the opinions of relevant ministries and sectors, while gathering input and feedback from all 63 provinces and cities and consulting with them on the questions to be included in the evaluation process. The index is scheduled to be issued and published by the end of 2023.

VNA