EVFTA: “expressway” for Vietnam to access European market
Wednesday, March 25,2020AsemconnectVietnam - The European Union – Vietnam Free Trade Agreement (EVFTA) is like an “expressway” connecting Vietnam and Europe that will speed up trade and investment cooperation between the two sides, said experts.
The European Union – Vietnam Free Trade Agreement (EVFTA) is like an “expressway” connecting Vietnam and Europe that will speed up trade and investment cooperation between the two sides, said experts.
At a seminar hosted by the Government portal on March 23 in Hanoi, experts said that the agreement will expand exports of Vietnamese goods to Europe, while welcoming high-quality goods and investments from the market.
Nguyen Thi Thu Trang, Director of the Vietnam Chamber of Commerce and Industry (VCCI)'s WTO and Integration Centre, described the EVFTA as an almost “barrier-free” expressway which will help Vietnamese goods reach their destination faster than other competitors.
However, Vietnamese enterprises need to prepare well by promoting the application of technology in production to improve the quality and competitiveness of their products, she noted.
She said the agreement offers great opportunities and benefits to Vietnamese businesses that import machinery and electronic equipment.
For Vietnam, it is necessary to quickly issue relevant legal documents to inform local firms clearly about the procedures and regulations related export to and import from the European market.
Management agencies need to have “quick response" divisions so if any problem arises, they can be resolved swiftly, Trang said.
Luong Hoang Thai, director of the Multilateral Trade Policy Department under the Ministry of Industry and Trade, advised Vietnamese enterprises to pay special attention to technical and food safety requirements in the EU, saying that if they meet the standards, they will enjoy preferences from the market.
Vietnamese firms should learn from those familiar with the EU market, thus better meeting its requirements, Thai said.
The EVFTA was signed on June 30 last year and was ratified on February 12 this year by the European Parliament. Specialists and companies expect the deal will be approved by Vietnam’s National Assembly deputies in May 2020 so that it officially takes effect.
If approved, Vietnamese companies will be able to tap a huge market with a population of 508 million and a total GDP of about 19 trillion USD./.
Source: en.vietnamplus.vn/evfta-expressway-for-vietnam-to-access-european-market/170604.vnp
At a seminar hosted by the Government portal on March 23 in Hanoi, experts said that the agreement will expand exports of Vietnamese goods to Europe, while welcoming high-quality goods and investments from the market.
Nguyen Thi Thu Trang, Director of the Vietnam Chamber of Commerce and Industry (VCCI)'s WTO and Integration Centre, described the EVFTA as an almost “barrier-free” expressway which will help Vietnamese goods reach their destination faster than other competitors.
However, Vietnamese enterprises need to prepare well by promoting the application of technology in production to improve the quality and competitiveness of their products, she noted.
She said the agreement offers great opportunities and benefits to Vietnamese businesses that import machinery and electronic equipment.
For Vietnam, it is necessary to quickly issue relevant legal documents to inform local firms clearly about the procedures and regulations related export to and import from the European market.
Management agencies need to have “quick response" divisions so if any problem arises, they can be resolved swiftly, Trang said.
Luong Hoang Thai, director of the Multilateral Trade Policy Department under the Ministry of Industry and Trade, advised Vietnamese enterprises to pay special attention to technical and food safety requirements in the EU, saying that if they meet the standards, they will enjoy preferences from the market.
Vietnamese firms should learn from those familiar with the EU market, thus better meeting its requirements, Thai said.
The EVFTA was signed on June 30 last year and was ratified on February 12 this year by the European Parliament. Specialists and companies expect the deal will be approved by Vietnam’s National Assembly deputies in May 2020 so that it officially takes effect.
If approved, Vietnamese companies will be able to tap a huge market with a population of 508 million and a total GDP of about 19 trillion USD./.
Source: en.vietnamplus.vn/evfta-expressway-for-vietnam-to-access-european-market/170604.vnp
Indian research intern: Vietnam’s clean energy transition accelerates
Nordic countries share green solutions for circular economy with Vietnam
Vietnam promotes negotiations of FTA with Mercosur
Vietnamese, Dutch localities step up cooperation
Vietnam joins Multilateral Convention to tackle tax evasion and avoidance
Vietnam, Mexico see ample room for trade cooperation: workshop
Hoa Binh province exports first batch of fresh sugarcane to US
Aviation firms ready to welcome Chinese tourists
Vietnam, South Africa explore cooperation potential
Mong Cai int’l border gate facilitates Vietnam’s exports to China
Vietnam’s trade with top 11 Asian markets is set to grow significantly
Foreign direct investment projects go green
Vietnam has dual opportunity from offshore wind power: Danish Ambassador
Mini Thailand Week kicks off in Quang Ninh
Plan on implementing Decision No. 327/QD-TTG dated March ...
Concretize viewpoints, objectives, tasks and solutions of the plan in accordance with practical conditions of the locality, associating ...Plan on implementing national environmental protection ...
Implementation plan of marine aquaculture development ...
Program on conservation and development of Vietnamese ...
Plan on improving quality of human resources to 2025 and ...
Efforts taken to turn culinary culture into national ...
The Vietnam Cuisine Culture Association (VCCA) is taking steps to implement a project to build and develop Vietnamese culinary culture ...Vietnamese cuisine making a name for itself with ...
Vietnam advance to next round of AFC U20 Women’s Asian Cup
Cultural tourism and traditional values promoted through ...