Vietnamese businesses make full use of ASEAN free trade agreement

Two-way trade turnover between Vietnam and ASEAN increased from US$8.8 billion in 2003 to nearly US$24 billion in 2010.

The figure was released at a seminar on free trade agreements and challenges for Vietnam in 2011-2020 held in Hanoi on March 16 by the Government Office.

The seminar reviewed results achieved in 2010 when Vietnam assumed the ASEAN presidency. Participants agreed that these results have helped promote cooperation among ASEAN and between ASEAN and its partners, creating foundation for ASEAN to fulfill its target to form the ASEAN Community in 2015.

Since Vietnam joined ASEAN 15 years ago, the country has gradually affirmed its position in the region. It exempted import taxes for more than 10,000 tax lines from 0-5 percent in 2010. In addition, most Vietnamese products exported to ASEAN were not imposed tariff. ASEAN has been the leading partner of Vietnam in recent years.

Thanks to free trade agreements between ASEAN and its partners, such as the Republic of Korea, China, Japan, India and Australia, Vietnamese export products are enjoying preferential import taxes. Vietnamese businesses are making full use of incentives under the ASEAN free trade agreements framework.

The seminar also discussed strategies to negotiate trade agreements and challenges facing Vietnam when implementing all ASEAN commitments.

vov

>   Da Nang again the top province (16/03/2011)

>   Inflation battle on right track, says PM Dung (16/03/2011)

>   Israeli firms seek opportunities (16/03/2011)

>   More than 600ha needed to beat parking shortage (15/03/2011)

>   SCG expand markets in Vietnam (15/03/2011)

>   Mekong Delta to become global economic zone (15/03/2011)

>   Transport cuts made to ease inflation (15/03/2011)

>   Interest-free loans to help stabilise HCM City prices (15/03/2011)

>   Province revokes licence for $11b project (15/03/2011)

>   Business optimism climbs in Q1 (15/03/2011)