According to the writing, Vietnam is an attractive investment destination thanks to low production costs, which is also boosted by the Regional Comprehensive Economic Partnership (RCEP). Together with the country’s fast economic growth and standing in global trade, Vietnam’s supply chains are developing continuously and becoming a priority choice for manufacturing in the region.

Vietnam is said to be an attractive investment destination thanks to low production costs and FTAs.

The size of the Vietnamese economy ranks 40th in the world and fourth in the Association of Southeast Asian Nations (ASEAN). In the IT industry, the country has outpaced many superpowers and become one of the world’s leading mobile phone producers and exporters. It ranks 9th in terms of software export and outsourcing and 6th in terms of computer games in the world.

An increasing number of companies are seeking to invest in ASEAN or other regions. Among the countries with competitive advantages for investment, Vietnam has emerged as an efficient choice in Southeast Asia, the article noted.

About 31.15 billion USD of foreign direct investment (FDI) was poured into Vietnam last year, up 9.2 percent from 2020. Though this figure is lower than the over 38 billion USD in 2019, it can still be considered a positive result amid the complex Covid-19 pandemic, showing foreign investors’ trust.

The writing cited experts as forecasting that driven by the RCEP, investment from the three largest foreign investors in Vietnam, namely the Republic of Korea, Japan, and Singapore, will increase.

An analysis by the Peterson Institute for International Economics indicated that Indonesia, Malaysia, Thailand, and Vietnam will benefit most from the RCEP. Meanwhile, the FocusEconomics website held that Vietnam is the largest beneficiary from this agreement, possibly thanks to its export sector with competitive advantages integrating more strongly into regional value chains.

The article said Vietnam has made use of free trade agreements (FTAs) as a tool to guarantee its economic power and financial security, and that even when the pandemic broke out, the signed FTAs will help the country promote both the quantity and quality of trade and investment, diversify partners, and engage in global value chains.

FTAs provide impetus for exports

Despite pandemic-caused difficulties, Vietnam still posted a trade surplus of 4 billion USD, an impressive achievement partly attributed to free trade agreements (FTAs), especially the new-generation ones.

Vietnam urged to improve policies for effective implementation of EVFTA

Improving the policy system and legal framework based on international trade practice is one of the important factors for Vietnam to integrate more deeply into the global value chains and attract investment capital from Europe as well as create a level playing field for domestic and foreign enterprises, Ambassador Giorgio Aliberti, Head of the European Union Delegation to Vietnam, has said.

Switzerland hopes for early signing of FTA between Vietnam, EFTA

Vietnam and Switzerland have agreed to soon conclude negotiations on a free trade agreement (FTA) between Vietnam and the European Free Trade Association (EFTA), of which Switzerland is a member.

Vietnam, Israel look toward bilateral FTA next year

Vietnamese Minister of Industry and Trade Nguyen Hong Dien has hailed Israel as a promising market of Vietnam in West Asia.

Customs agency issues guidance for UKVFTA implementation

The General Department of Vietnam Customs has issued documents to guide the customs departments of provinces and cities to effectively enforce the UK-Vietnam Free Trade Agreement (UKVFTA) and related documents.

Source: NDO/VNA