Ba Ria - Vung Tau province’s economy is promising in 2016

24/03/2016

Trans-Pacific Partnership (TPP) Agreement is considered the 21st century’s commercial platform contracted by 12 countries, including Vietnam, on 04/02/2016 after 05 years of continuous discussion. The ASEAN-Australia-New Zealand Free Trade Agreement, EU-Vietnam Free Trade Agreement and Viet Nam-Customs Union of Russia, Belarus, and Kazakhstan Free Trade Agreement are expected take effect in this year upon the execution of the national parliaments.

According the the Government, among the members participating in the said agreements, Vietnam will have a high growth rate in trade, investment and exports when the agreements take effect. In particular, textile, footwear and agricultural, forestry and fishery production may grow stronger thanks to the market share expansion in major markets such as the USA, Canada and Japan with the import duties decreased 0%.

BR-VT province ranks the third in FDI attraction with the top export turnover and commercial service’s value, making it a great opportunity for the local enterprises to take advantages for development. From the perspective of state management, the Department of Industry and Trade has deployed 04 measures to support the enterprises.

When the import and export grow, the most beneficial industry is port and logistics - the key economic sector in the next 5 years as defined by BR-VT province. When the trade agreements between Vietnam and its partners are deployed, the goods flow of the Vietnamese seaports may reach the average growth rate of 8-9%, especially the goods flow of Cai Mep - Thi Vai port may reach the average growth rate of 10% per year.