Textile, garment and footwear products made in Vietnam will not enjoy immediate tariff cuts after the EU-Viet Nam Free Trade Agreement (EVFTA) comes into effect.

Vietnam’s ratification of the CPTPP and the EVFTA compels the country to liberalize the state sector.

The rent in industrial zones (IZ) has increased rapidly. Some provinces in the eastern part of the south have no more land to lease, while investments in the processing and manufacturing industry continue to rise.

Vietnam and Bangladesh are forecast to reap benefits from becoming alternative sourcing destinations as the fashion sector is reckoned the most exposed amid an escalating US - China trade war, according to Fitch Solutions analysts.

Japanese companies with abundant expertise in many fields such as banking, insurance, construction, logistics, accounting, graphic design, among others, are expected to have greater opportunities in Vietnam’s market.

Tariffs on imported products including fruit and frozen foods from six member countries of the CPTPP will be reduced to zero backdated to January 14 this year to 2022.

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is opening the door wide for Vietnamese tra fish to enter the markets of 10 other members of the deal.

Some 300 goods are expected to enjoy preferential tariffs under a pending decree detailing tariff cuts under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Welcoming foreign investments, economists have once again warned about the negative impact that Chinese investments have had on Vietnam’s economy.

While Vietnamese livestock companies complain they are meeting difficulties, foreign companies are eager to invest in Vietnam.

Retail is attractive for investors as the industry has advantages after foreign wholly-owned retail firms have been allowed to set up in Vietnam and taxes imposed on most of goods imported from other ASEAN countries to Vietnam are exempted.

Vietnam’s exports to member countries of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership are expected to increase strongly through 2030, reaching 25 percent of the nation’s total exports.

 Vietnamese exporters are eyeing Canada as ripe for profits thanks to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), experts said at a conference in HCMC on April 10.

As American investors see bright growth prospects in Vietnam that is climbing global supply chains, many are pushing ahead with ventures across the country. 

VietNamNet Bridge - Vietnam is a big woodwork exporter, but products are labeled as foreign made, with few local brands.

VietNamNet Bridge - The fourth largest container carrier in the world is planning to provide an HCMC-Australia direct route in the near future.

VietNamNet Bridge - Experts have warned that the more competitive labor market in the CPTPP period will put Vietnamese medium- and high-ranking workers at a higher risk of job loss.

Vietnam has free trade agreements with Canada, Japan and Mexico (through CPTPP), and plans to sign an FTA with the EU. These will be advantages in the US - China trade war. 

Prime Minister Nguyen Xuan Phuc said Vietnam would likely approve the Comprehensive and Progressive Agreement for Trans Pacific Partnership (CPTPP) at the National Assembly meeting this month.

Free trade agreements, particularly the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the EU-Vietnam Free Trade Agreement, are the driving force to attract big investments in Vietnam’s garment-textile industry.