The benefits of importing goods from FTAs signed with Vietnam

List of Vietnam’s FTAs and C/O Form as of August 2023 

No. FTA Status Parties C/O Form
FTAs in effect
1 AFTA Effective since 1993 ASEAN A
2 ACFTA Effective since 2003 ASEAN, China E
3 AKFTA Effective since 2007 ASEAN, South Korea AK
4 AJCEP Effective since 2008 ASEAN, Japan AJ
5 VJEPA Effective since 2009 Vietnam, Japan VJ
6 AIFTA Effective since 2010 ASEAN, India AI
7 AANZFTA Effective since 2010 ASEAN, Australia , New Zealand AANZ
8 VCFTA Effective since 2014 Vietnam, Chile VC
9 VKFTA Effective since 2015 Vietnam, South Korea VK
10 VN – EAEU FTA Effective since 2016 Vietnam, Russia, Belarus, Amenia, Kazakhstan, Kyrgyzstan LVA
11 CPTPP (previously known as TPP) Effective since 30/12/2018, came into effect in Vietnam since 14/01/2019 Vietnam, Canada, Mexico, Peru, Chile, New Zealand, Australia, Japan, Singapore, Brunei, Malaysia, The UK (signed the Accession Protocol on July 16, 2023) CPTPP
12 AHKFTA Effective in Hong Kong (China), Laos, Myanmar, Thailands, Singapore and Vietnam since 11/06/2019 ASEAN, Hongkong (China) AHK
13 EVFTA Effective since August 01, 2020 Vietnam, EU (27 members) EUR.1
14 UKVFTA Effective since May 01, 2021 Vietnam, The UK EUR.1 UK
15 RCEP Effective since January 01, 2022 ASEAN, China, Korea, Japan, Australia, New Zealand RCEP
16 VIFTA Negotiations commenced in December 2015, completed in April 2023. Officially signed on 25/07/2023 Vietnam, Israel VI
FTAs under negotiation
17 Vietnam  – EFTA FTA Negotiations commenced in May 2012 Vietnam, EFTA (Switzerland, Norway, Iceland, Liechtenstein)  
18 ASEAN – Canada FTA Negotiations commenced in November 2021 ASEAN, Canada  
19 Vietnam – UAE FTA In the process of initiating negotiations Vietnam, United Arab Emirates (UAE)  

 

Why choose Vietnam?

 

The benefits of an importer when importing goods from Vietnam after Vietnam has signed a Free Trade Agreement (FTA) with the importing country.

  1. Competitive prices: Vietnam has a competitive advantage in terms of pricing due to low labor costs and efficient production. With the FTA in place, importers can source goods from Vietnam at more competitive prices compared to other suppliers.
  2. Diverse source of supply: With the FTA, importers gain access to a country that offers a diverse range of products. Vietnam produces and exports various items such as electronics, industrial goods, agricultural products, wood, clothing, and footwear. Thanks to this diversity, importers can seek out and select products that suit their market needs.
  3. Product quality: Vietnam has made significant progress in improving product quality and adhering to international standards. The FTA has established a legal framework and regulations for Vietnamese businesses, ensuring that imported goods from Vietnam meet the quality and safety requirements of the importer.
  4. Market expansion opportunities: By participating in the FTA, importers can expand their consumer market. Vietnam is a populous and relatively developed country, thus importers can explore new business opportunities and tap into a large number of consumers.
  5. Time and effort savings: The FTA reduces trade barriers and import regulations, saving importers time and effort in the import process from Vietnam. This provides a favorable environment for trade facilitation and enhances business efficiency.

In summary, signing a Free Trade Agreement with Vietnam brings several benefits to importers, including competitive prices, diverse sourcing options, good product quality, market expansion opportunities, and time and effort savings.

Import tax reduction

 

 

Ho Chi Minh City

 

 

Tam coc – Bich dong

 

 

One Comment

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