Businesses urged to work with Vietnam’s FTA partners - Businesses urged to work with Vietnam’s FTA partners - Website Ho Chi Minh City
Businesses should enhance their cooperation with partners from countries that have signed free trade agreements (FTA) with Vietnam or join the Trans-Pacific Partnership agreement to make use of preferential tariffs, said the Ho Chi Minh City Department of Industry and Trade.
The department made the suggestion at a meeting in the southern hub on June 9 removing difficulties for importers of raw materials.
It proposed specific trade promotion programmes to be built for each industry and market, with priority to imports from Vietnam’s FTA partner countries.
Soft credits need to be given to enterprises producing textile and garment and footwear materials in order to reduce costs and raise competitiveness, the agency added, urging the construction of parks and clusters for support industries.
Representatives from local businesses said market expansion and competitiveness improvement are of great importance yet require more support from the State, especially from the banking system in getting low-interest loans.
At the conference, Chairman of the municipal People’s Committee Le Hoang Quan said the city has carried out a wide range of measures to aid the circle. In the first five months of 2014, it has facilitated their access to 10 trillion VND (476.2 million USD).
He asked banks to work closer with wood, food and garment business associations which will provide guarantees for loans.