Vietnam plans to increase its import-export revenue through the implementation of 10 free trade agreements (FTAs) which are being utilised effectively by enterprises.
One of these includes the VKFTA signed between Vietnam and the Republic of Korea (RoK) in 2015. This FTA helped Vietnam expand its textile and garment exports to the RoK which reached US$2.6 billion in 2016,while the export revenue was reported at US$2.9 billion in 2017, an increase of 11.8% compared to 2016.
The FTA between Vietnam and the Eurasian Economic Union which became effective in October 2016, also contributed to increasing Vietnam's textile and garment exports to Russia from US$84.8 million in 2015 to approximately US$172 million in 2017.
In particular, all FTA signatory markets have recorded higher rates of import and export growth compared to the time before the signing of FTAs.
Of those, Chile is among the markets posting the highest export growth rate with an annual growth rate of 46.68 per cent per year.
It is followed by India with an average annual growth rate of 31.58 per cent, the RoK with an annual growth rate of 29.8 per cent per year, and China with an average growth rate of 21.71 per cent per year.
