Firms advised to capitalise on ASEAN-China, Hong Kong FTAs

Saturday, 2017-12-16 04:57:54
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At the workshop (photo: VGP)
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NDO/VNA – Officials, experts and entrepreneurs gathered at a workshop in Hanoi on December 15, discussing measures to help businesses capitalise on the ASEAN-China and ASEAN-Hong Kong Free Trade Agreements (FTA).

Nguyen Thi Thu Trang, Director of the Centre for WTO and Economic Integration under the Vietnam Chamber of Commerce and Industry (VCCI), briefed the participants on the two pacts, which would bring new opportunities for economic and trade cooperation between ASEAN member nations and China as well as Hong Kong.

The ASEAN-Hong Kong Free Trade Agreement (AHKFTA) would facilitate the flow of commodities, movement of experts and investment between the two sides, she noted.

Trang stressed that the deals bring few benefits in terms of tariffs and investment conditions, but can help Vietnam increase exports to Hong Kong – an important gateway to enter the Chinese market.

She said Vietnamese firms should thoroughly study potential opportunities and benefits of the pacts, and find promote their competitive advantages in comparison with Hong Kong and Chinese products.

Bui Kim Thuy, a representative from the Export and Import Department under the Ministry of Industry and Trade, suggested Vietnamese enterprises update on technical solutions and warned of risks when dealing contracts with Chinese partners.

In order to enjoy favourable taxes from the FTAs, together with the Government’s efforts to negotiate tariffs and product origin, businesses must ensure that their products meet origin requirements and step up production activities in the FTA member economies.