EVFTA: Opportunities and challenges

QNN |

(QNO) - The European Union (EU) - Vietnam Free Trade Agreement (EVFTA) officially coming into effect on August 1st, 2020 has promoted the EU-Vietnam trade cooperation.

The dialogue on the Challenges from EVFTA to Vietnamese SMEs. Photo: vir.com.vn
The dialogue on the Challenges from EVFTA to Vietnamese SMEs. Photo: vir.com.vn

The EU is one of the major export markets for Vietnam. In 2020, the bilateral trade turnover between Vietnam and the EU was USD 49.79 billion.

The Vietnam’s export markets in the EU were the Netherlands, Germany, France, Italy, Austria, Belgium, Spain, Poland, Sweden, and Slovakia.

In the first 6 months of 2021, the trade value between the EU and Vietnam reached USD 27 billion, up 18% compared to the same period of last year. It is a remarkable achievement in the global context of the Covid-19 crisis.

It is believed that vaccines will help control the Covid-19 pandemic and EVFTA will open new opportunities for the development of export markets.

Both businesses and consumers then enjoy benefits from removing tariffs and opening markets.

There will be an increasing demand for Vietnamese products in the EU, including vegetables and fruits, aquatic products, and key industrial products such as textiles, footwear, and furniture.

However, the EU requirements for the quality of goods are considered a challenge to Vietnamese businesses.

It is also an opportunity for Vietnamese businesses to increase their production capacity, improve their competitiveness for sustainable development, and penetrate deeper into the global value chain.

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Fruitful result after one year of EVFTA

QNN |

(QNO) - The EU-Vietnam Free Trade Agreement (EVFTA), coming into effect on August 1, 2020, has produced initial positive results, which become a strong motivation to promote the Vietnam - EU cooperation relationship in the coming time.

EVFTA: stepping up Vietnam-EU trade and investment

QNN |

(QNO) - EVFTA (The EU-Vietnam Free Trade Agreement) is the first FTA that has been signed by EU and a developing country in the Asia-Pacific region. It is a comprehensive, hi-quality agreement with a deep and broad commitment.

EVFTA provides boost for agricultural exports to EU

QNN |

VOV.VN - A range of local agricultural products are set to enjoy tax incentives brought about by the European Union-Vietnam Free Trade Agreement (EVFTA) following the recent export of the first batch of Vietnamese shrimp to the EU market.