The Ministry of Foreign Affairs was entrusted to finalize diplomatic procedures on the ratification and report to relevant agencies about the validity of the Agreement.

The Ministry of Finance (MoF) and the Ministry of Industry and Trade (MoIT) are in charge of issuing legal documents on the roadmap of tax cuts within the Agreement.

The MoIT is responsible for working with related agencies and localities to popularize the Agreement on commitments of the two countries and assist the business community in taking advantages of the FTA.

Under the FTA, the two countries will exempt tax for over 9,000 products and grant favorable incentives in services and investment within the next three years.

According to the Việt Nam Customs, the country's exports to Chile reached US $94 million in the first nine months of 2011 and its imports were valued at over US $255 million. Chile is considered a potential market for Vietnamese goods, particularly textiles and garments, footwear, seafood and woodworks./.

By Kim Anh