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Vietnam to sign FTA with Europe this year

Vietnam is signing a free trade agreement with the EU this year. When implemented, it would become one of the most ambitious and comprehensive investment agreements to be signed between the European Union and a developing country. Vietnamese enterprises can get access to a market with a population of more than 500 million people and a GDP which accounts for 22 per cent of global GDP. In return, EU investors can explore a market that has the most rapid economic growth in the region with a population of more than 90 million people. The FTA will contribute about 2.5 per cent to Vietnam’s GDP in 2020 and 4.6 per cent in 2025.

Vietnam is now a benchmark for the other Asean countries that are willing to engage in FTA negotiations with the EU. Vietnam’s exports of textiles and garments rose 10 per cent this year compared to last year. In 2017, its exports of garment products to the US were 9.4 per cent higher than in 2016.

Meanwhile a denim and sportswear supply chain show will be held in Vietnam, June 27 to 28, 2018. This is the third edition of the show.