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Fitch Ratings: EVFTA brings benefits for VN
Source: chinhphu.vn - 8/12/2015 5:04:46 PM
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Fitch Ratings forecasted that the conclusion of the EU-Viet Nam Free Trade Agreement (EVFTA) negotiations will bring remarkable long-term benefits for Viet Nam’s macro-economy.

Accordingly, most of tariff lines will be eliminated within 10 years. The Agreement is expected to promote a number of services for Viet Nam, including finance for European investors.

Fitch said that Viet Nam is enjoying benefits from payment balance and high growth. The nation’s GDP reached an annual growth rate of 5.9% in the 2010-2014 period.

The current account surplus attained 4.5% in 2014, higher than the figure of 1.3% of other nations in the group. The Foreign Direct Investment (FDI) achieved US$7.2 billion, making up 3.9% of the GDP.

Viet Nam gained US$27.9 billion from exporting to the EU in 2014, up 15% compared to the previous year. The reduction in trade and investment barriers will help the nation increase export value to the EU and receive more FDI.

In addition, Viet Nam is negotiating the Trans-Pacific Partnership Agreement with 11 other countries, including the U.S. and Japan. When the TPP negotiations are concluded, Viet Nam will ink the Free Trade Agreement with three among its four largest export markets.

The nation’s macro-economy will be improved and the payment balance will become a key factor for national credit ratings.
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