The BTA is the most comprehensive trade agreement Vietnam has signed to date. Below are a number of links that provide additional information about the BTA. Several reports at the top of the link list contain readable summaries and/or explanations of what the BTA covers and means. Please note that U.S. non-governmental sites and reports do not represent the views of the U.S. government and do not constitute authoritative interpretations of the BTA. In 1993, President Clinton embarked on a policy of normalizing relations with Vietnam to promote Vietnam`s cooperation on issues of interest to the United States and promote Vietnam`s integration into the region and the world economy. The decision to continue the trade agreement was taken after Vietnam established a balance sheet of cooperation in accounting for prisoners of war and MIA of war, the highest priority in our relations. Free trade agreements can also have additional drawbacks. Such agreements are likely to trigger aggressive competition from foreign competitors on local businesses – particularly in the agricultural sector, including meat and dairy products from the EU, Australia and Canada. Vietnam is a member of the Association of Southeast Asian Nations (ASEAN) and subsequently a member of the ASEAN Free Trade Area (AFTA). Under AFTA, ASEAN members (including Brunei, the Philippines, Indonesia, Laos, Myanmar, Malaysia, Singapore, Thailand and Cambodia) have committed to making the region a competitive trading area.
With ASEAN countries, Vietnam has also signed trade pacts with the PRC, the Republic of Korea, Australia and New Zealand, India, Chile and Japan. It signed a bilateral trade agreement with Korea in 2015, as well as a trade agreement with the Russian-led customs union bloc. In 2019, Vietnam signed a free trade agreement with the EU. This agreement entered into force in August 2020. Vietnam is currently negotiating a free trade agreement with the EFTA states (Norway, Iceland, Liechtenstein and Switzerland). Vietnam`s accession to these trade agreements will also ensure alignment with national standards ranging from workers` rights to environmental protection. The CPTPP and EVFTA require Vietnam to comply with International Labour Organization (ILO) standards. Ilo Chan Lee noted that this is an opportunity for Vietnam to modernize its labour laws and labour relations systems. Once these trade agreements enter into force, they will allow Vietnam to use the reduced tariffs both within the ASEAN Economic Community (AEC) and with the EU and the US to attract exporting enterprises for production in Vietnam and export to partners outside ASEAN. This can be done in two ways – first, through more diversified supply partners through larger trade networks and cheaper imports of intermediate goods from partner countries, which should increase the competitiveness of Vietnamese exports. The Comprehensive Partnership underscores the United States` continued commitment to the Indo-Pacific and provides a mechanism to facilitate cooperation in areas such as political and diplomatic relations, trade and economic relations, defense and security, science and technology, education and training, environment and health, humanitarian assistance, and disaster relief.
issues of war heritage, the protection and promotion of human rights, interpersonal relations, and culture, sports and tourism. The United States supports the professionalization of law enforcement in Vietnam, regional cross-border cooperation, and the implementation of international conventions and standards. Vietnam is a partner of non-proliferation regimes, including the Global Initiative to Combat Nuclear Terrorism, and uses the expertise, equipment and training available under the related Export Control and Border Security Program. In 2016, the United States and Vietnam signed an agreement to intensify cooperation in the fields of law enforcement and the justice sector, and the two countries are working together to implement the agreement. The United States and Vietnam hold annual labour and human rights dialogues. The bilateral trade agreement signed on July 13, 2000 marks an important step in the historic reconciliation between the United States and Vietnam. By normalizing trade relations and Vietnam`s commitment to comprehensive economic reforms, he will help lay the groundwork for a new U.S. relationship with Vietnam. Vietnam`s Ministry of Planning and Investment predicted that the CPTPP could increase Vietnam`s GDP by 1.3 percentage points by 2035, while the EVFTA could increase GDP by 15 percent.
These trade agreements, as well as the free trade agreements already signed and to come, should allow Vietnam to remain competitive in the short and medium term. .