Tax alert - Vietnam Free Trade Agreements March 2021
EY Vietnam
18th March 2021
This Tax Alert – Vietnam Free Trade Agreements (FTAs) provides an overview, identifies opportunities and puts forward recommendations related to the FTAs that Vietnam has entered since 1995.
Vietnam FTAs – Opportunities and recommendations
Starting in 1986, Vietnam focused on a range of reform policies (also known as Doi Moi, which means renovation) that sought to support trade liberalization and free-market-oriented measures. These policies resulted in fundamental changes to the economic development of the country.
One of the most important reform policies was related to export and import activities. Vietnam strongly encouraged exports as well as gradually opening its domestic market to foreign goods, while also allowing foreign companies to set up subsidiaries in Vietnam to engage in a wide array of business activities, including trading and manufacturing. As part of this reform, Vietnam entered into an international network of trade agreements (FTAs), beginning with the Association of Southeast Asian Nations (ASEAN) Free Trade Area in 1995 and followed in subsequent years with other countries and territories.
By early 2021, Vietnam has signed 15 FTAs, of which 13 had taken effect. These FTAs significant opportunities for both exports from Vietnam as well as imports from those FTA signatories.
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