Vietnam : Deepening International Integration and Implementing the EVFTA
Following from Vietnam’s ratification of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in late 2018 and its effectiveness from January 2019, and the European Parliament’s recent approval of the European Union-Vie...
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| Format: | Report |
| Language: | English |
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World Bank, Hanoi
2020
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| Online Access: | http://documents.worldbank.org/curated/en/866871589557725251/Vietnam-Deepening-International-Integration-and-Implementing-the-EVFTA http://hdl.handle.net/10986/33787 |
| Summary: | Following from Vietnam’s ratification of
the Comprehensive and Progressive Agreement for
Trans-Pacific Partnership (CPTPP) in late 2018 and its
effectiveness from January 2019, and the European
Parliament’s recent approval of the European Union-Vietnam
Free Trade Agreement (EVFTA) and its subsequent planned
ratification by the National Assembly in May 2020, Vietnam
has further demonstrated its determination to be a modern,
competitive, open economy. As the COVID-19 (Coronavirus)
crisis has clearly shown, diversified markets and supply
chains will be key in the future global context to managing
the risk of disruptions in trade and in supply chains due to
changing trade relationships, climate change, natural
disasters, and disease outbreaks. In those regards, Vietnam
is in a stronger position than most countries in the region.
The benefits of globalization are increasingly being debated
and questioned. However, in the case of Vietnam, the
benefits have been clear in terms of high and consistent
economic growth and a large reduction in poverty levels. As
Vietnam moves to ratify and implement a new generation of
free trade agreements (FTAs), such as the CPTPP and EVFTA,
it is important to clearly demonstrate, in a transparent
manner, the economic gains and distributional impacts (such
as sectoral and poverty) from joining these FTAs. In the
meantime, it is crucial to highlight the legal gaps that
must be addressed to ensure that national laws and
regulations are in compliance with Vietnam’s obligations
under these FTAs. Readiness to implement this new generation
of FTAs at both the national and subnational level is
important to ensure that the country maximizes the full
economic benefits in terms of trade and investment. This
report explores the issues of globalization and the
integration of Vietnam into the global economy, particularly
through implementation of the EVFTA. |
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