HCMC – Local firms will need to further integrate into the world economy as the nation will conclude talks on a number of new trade agreements next year, said economic expert Pham Chi Lan.
Lan said three important agreements on which Vietnam would complete negotiations were Trans-Pacific Partnership (TPP), and free trade agreements (FTA) with South Korea and the European Union.
TPP negotiations might be finished next year as the member economies want to end them soon and help other countries such Japan and Mexico join the TPP, she said. “Ten years after the signing of a bilateral trade agreement (BTA) with Vietnam, the top concern of the U.S. regarding its relationship with Vietnam is the TPP.”
Although South Korea already has an FTA with ASEAN, it will be better if Vietnam has a bilateral deal with this country. A pre-feasibility study for the bilateral agreement was finished last month, saying that a bilateral FTA would bring more benefits to both countries.
There are some countries wanting to launch FTA talks with Vietnam such as Russia and Belarus and four other countries in the northern and central regions of Europe.
As FTA is a new development trend, requirements of partners such as trade liberalization and policy improvement will be higher, putting more pressure on Vietnam, Lan said.
“Global integration is like riding a bicycle. You cannot stand still but have to cycle; otherwise, you will fall down,” she said.
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