Vietnam’s Participation in Free Trade Zones

Abstract

Vietnam is a rapidly developing country in Southeast Asia. Its success is due to a new economic policy aimed at the development of mixed economy nd trade with the world’s leading countries. Vietnam’s trade has become more efficient after the country’s entry into free trade zones. At first, Vietnam cooperated in free trade zones (FTZs) in a bilateral format, and then transitioned into the free trade zones of international associations. Under the current conditions of global instability and threats, trade in FTZs mitigates Vietnam’s risks and increases the number of its trading partners. Aim. The present study aims to analyze FTZs as well as the benefits and challenges of Vietnam’s participation in them. Methods. This study uses global efficiency assessments of participation in FTZs and efficiency assessments of Vietnam’s participation in them, based on data provided by the National Statistics Bureau of Vietnam and reports of the country’s sectoral ministries. Results. The authors present a comparative analysis of Vietnam’s participation in FTZs and conclude that Vietnam has focusedon participation in FTZs with developed East Asian countries, resulting in rapid growth of trade with these countries and Vietnam’s overall trade in the 21stCentury.