The National Assembly Standing Committee’s supervision delegation in charge of the implementation of free trade agreements (FTAs) to which Vietnam is a member held a working session with the Government, ministries and agencies in Hanoi on September 23.

Permanent NA Vice Chairwoman Tong Thi Phong at the event

 Speaking at the event, Minister of Industry and Trade Tran Tuan Anh said Vietnam has so far signed 13 FTAs and negotiated three others which brought about positive impact on the economy.

 In 2019, trade between Vietnam and 10 member states of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) hit US$77.4 billion, up 3.9% annually. Vietnam’s exports to them also rose by 0.7% year-on-year to 37.9%, resulting in a trade surplus of US$1.6 billion against a deficit of US$0.9 billion in 2018.

 Permanent NA Vice Chairwoman Tong Thi Phong said the Government’s report has made clear Vietnam’s commitments in FTAs to which the country is a member, including those regarding tariff and non-tariff barriers, customs, investment protection, intellectual property, and public procurement, among others.

 The Government also actively devised legal documents to realise resolutions approved by the legislature, the report said, adding that FTA implementation has brought positive effect on Vietnam’s politics, foreign relations, economy, and national defence-security, thus raising its stature on international arena.

 Phong pointed out that competition among major economies has become increasingly intense while Vietnam’s exports are mostly crude products. Therefore, domestic firms have to strive hard to expand their reaches overseas.

 She asked the NA, Government, ministries, agencies and localities to raise public awareness of FTAs that Vietnam already joined, while stepping up exports to tap their incentives. Further attention must also be paid to products of strength and new foreign markets.

 Ministries and agencies were also assigned to work closely with the Ministry of Industry and Trade to effectively realise FTAs and offer timely suggestions to the Party, State, and Government.