The three largest importers of Vietnamese products were:
United States – with a YOY growth rate of 11.01 percent
South Korea – with a YOY growth rate of 8.33 percent
European Union – with a YOY growth rate of 8.2 percent
Free trade agreements have been a key part of this impressive trade growth. In December of last year, Vietnam signed a bilateral trade deal with South Korea. The deal cuts tariffs on a range of products traded between the two countries and is predicted to almost triple bilateral trade to US$70 billion by 2020. Also in the same month, Vietnam signed an FTA with the Eurasian Customs Union. This FTA covers such areas as trade, customs facilitation, intellectual property, investment, rules of origin, and the lifting of legal and technical barriers to trade.
Additionally, Vietnam is also currently in negotiations for two more trade agreements, one with the US, and one with the EU. Once finished, the EU-Vietnam FTA is expected to cover such areas as investment, environment, competition, and sustainable development, as well as reducing tariffs. Vietnam is also part of the US-led negotiations on the Trans-Pacific Partnership (TPP), a massive trade deal that will result in significantly reduced tariffs for all of the signatory countries. Upon completion, the TPP trade area would comprise a region with US$28 trillion in economic output, making up around 39 percent of the world’s total output.
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