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Tuesday, June 18, 2024

Vietnam launches first free trade agreement portal

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HCMC – The Ministry of Industry and Trade on December 23 held a ceremony in Hanoi to launch the Vietnam Free Trade Agreement Portal (FTAP) on fta.moit.gov.vn, to help domestic firms make the most of opportunities ushered in by FTAs to which Vietnam is a party.

Speaking at the launch ceremony, Minister of Industry and Trade Tran Tuan Anh said the ministry has coordinated with the World Bank to develop the FTAP since February 2019, with the Australian Government’s support, the local media reported.

FTAP will provide a smart online lookup tool for enterprises and those who are interested in commitments to the FTA to which Vietnam is a member regarding import duties, rules of origin, services and investment. It will also offer essential information and knowledge to traders, such as market updates, local import and export regulations as well as sustainable development.

The lookup tool designed for FTAP allows any individual or firm interested in FTA commitments to have online access to detailed, clear and simple guidance, instead of searching by themselves or contacting different agencies to get the information they need, thus saving time and costs.

Minister Anh said the introduction of FTAP demonstrates the Government’s determination to make FTAs, especially new-generation ones, more widely known among enterprises and residents.

The ministry will continue working with the relevant agencies and organizations to update and improve the portal and ensure information security.

According to the ministry, Vietnam has signed 14 bilateral and regional FTAs, 13 of which have taken effect, including the new-generation Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the European Union-Vietnam Free Trade Agreement. The country has also concluded talks over another FTA, while negotiations on two others are underway.

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