Tue, 05 Dec 2023

Vietnam to publish FTA index by year end

Xinhua
21 Nov 2023, 02:05 GMT+10

HANOI, Nov. 20 (Xinhua) -- Vietnam's Ministry of Industry and Trade is focusing on improving provinces and cities' capabilities in helping local businesses take advantage of free trade agreements (FTAs) by the end of 2023, Vietnam News Agency reported Monday.

The index will provide more information for investors to make future investment decisions, and for the National Assembly to monitor FTA implementation and provide instructions, according to the report.

Ngo Chung Khanh, deputy director head of the ministry's Multilateral Trade Policy Department, said like the Provincial Competitiveness Index, the FTA Index would get provinces to care more about how to best use various FTAs.

Nguyen Anh Duong, director of the Department for General Economic Issues and Integration Studies at the Central Institute for Economic Management, said once the FTA Index was published periodically, it would drive provinces to do better with their FTA activities, which would benefit businesses and the national economy.

According to the Ministry of Industry and Trade, Vietnam is among the 20 countries in the world with the largest international trade in goods, with an annual growth rate of 12.5 percent in recent three years.

The country recorded a trade surplus of 24.61 billion U.S. dollars in the first 10 months of this year, according to the General Statistics Office.

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