FTAs – driving force for agricultural growth
Vietnam is currently a signatory to 16 free trade agreements (FTAs), which are described as highways connecting Vietnam’s economy with major trading partners in the world. In the agricultural sector, FTAs have become a powerful driving force, marking significant achievements across the entire industry.
Over the years, agriculture has promoted its role as a pillar of the economy, recording remarkable growth in terms of output, productivity, quality and export turnover. The attainment is partly attributable to FTAs as Vietnam’s leading export markets are currently countries involved in these agreements. Moreover, they are speeding up a robust transformation of agricultural production towards safety and transparency.
In the context that inflation and the economic crisis are reducing the purchasing power in many countries, the expansion to new markets will be a reasonable direction for Vietnamese agricultural products to maximise the benefits from FTAs and increase their global coverage.
