EVFTA Creates Numerous Opportunities for Vietnam: Seminar

The seminar is held by the Vietnam Trade and Industry Review. Photo: MoIT

At the seminar, held by the Vietnam Trade and Industry Review on October 6, participants looked into how to connect with the EU firms and make the best use of the EVFTA.

Chairman of the Board of Directors of Phuc Sinh Group Phan Minh Thong said the EVFTA, which took effect three years ago, has created numerous opportunities, suggesting non-EU companies investing in Vietnam take advantage of the reduced tariffs.

He further explained that many coffee factories have been established by investors from Europe and such countries as Singapore, the US and India, aiming to churn out "Made in Vietnam" products for export to Europe and benefit from the reduced tariffs provided under the agreement.

Ngo Chung Khanh, deputy head of the Multilateral Trade Policy Department at the Ministry of Industry and Trade (MoIT), highlighted the importance of connecting Vietnamese firms with foreign partners, saying on October 12, the MoIT will chair a conference involving leaders of the departments of industry and trade nationwide to review connections between domestic enterprises and foreign partners and EU businesses in particular.

This will enable localities to learn from each other's experience and best practices, he added.

Currently, the EU is one of Vietnam's leading trading partners. Photo: MoIT

According to him, leveraging European resources, raw materials, and technology to produce higher-quality goods and joining more deeply in the global supply chain is a significant expectation of the Vietnamese firms as the EVFTA enters a new phase of implementation.

This requires collaboration from the State management agencies, industry associations, and especially appropriate support mechanisms, policies, and activities, he stressed.

Khanh suggested businesses take a more proactive role in improving their competitiveness, actively seeking partners and seizing opportunities to cooperate with European firms. By doing so, they could make more effective use of the opportunities presented by the EVFTA.

Currently, the EU is one of Vietnam's leading trading partners and is the 3rd largest export market and 5th largest import market. In 2022 alone, two-way trade turnover hit $62.24 billion, an increase of 9.2% compared to 2021 and accounting for 8.5% of Vietnam's total import-export turnover./.

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