Hanoi's focus must shift to implementation of Vietnam-EFTA FTA: Study

The EFTA bloc comprises Switzerland, Norway, Iceland and Liechtenstein.

At a sectoral level, textiles and garments, footwear, agro-forestry-fishery products, food processing and some services are expected to benefit clearly, while sectors such as transport equipment, steel, chemicals, finance–banking, and communications might face increased competitive pressure due to rising imports, the study conducted by the Foreign Trade University noted.

The study results were unveiled at a workshop in Hanoi recently.

For the Vietnamese government, the research team said the focus must shift decisively from signing to implementation.

This includes continuing institutional reforms toward greater transparency, stability, and alignment with international standards, according to a domestic news agency.

It also involves enhancing the capacity to implement commitments on investment, intellectual property, labour and environment. At the same time, efforts should be made to reduce compliance costs and improve the ability to absorb high-quality investment.

For industry associations and intermediary organisations, the FTA requires strengthening their role in providing substantive technical support to businesses, especially small and medium enterprises through information provision, training on rules of origin and support in handling trade disputes.

Vietnam also needs to diversify import markets and supply partners along with export markets, the workshop was told.

ALCHEMPro News Desk (DS)