The Da Nang Department of Industry and Trade has recently identified its main tasks from now until the end of this year.  They aim to promote the development of the local industry and trade sector after Viet Nam officially entered into a free trade agreement (FTA), signed on 29 May 2015, with the Eurasian Economic Union (EEU).

The focus will be on perfecting the city’s plans for making more socio-economic breakthroughs over the 2015 - 2020 period, and fulfilling the 2016 economic growth targets set by the city.

Importance will also be attached to effectively deploying the solutions for local progress which were introduced at the 21^st Congress of the municipal Party Committee for the 2015 - 2020 tenure in October 2015.

Workers at the Hoa Tho Textiles and Garments Company

Supply-demand links will be promoted between businesses in Da Nang and those in other localities nationwide.  In addition, more training courses for local businesses will be organised to introduce them to the regulations relating to trade commitments signed between Viet Nam and other countries.

Suggestions will be made to the local authorities about issuing preferential policies to attract more investment into the city’s hi-tech and support industries.

In addition, greater efforts will be made to promote the development of a modern and civilised infrastructure to boost local trading activities, building civilised trading activities at local traditional markets and ensuring their effective operation.

Also, technical assistance will be given to local businesses to help them enhance their competitiveness in domestic markets and seek cooperation opportunities with businesses from other localities nationwide.

The FTA will help reduce export duties from 10% to zero and simplify many procedures. Therefore, Vietnamese goods will, for the first time, have the chance to enjoy duties as low as 0% when entering EEU markets.  In addition, more tariffs will be eliminated, and the non-tariff barriers will also be reduced.