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World Bank Director Ousmane Dione (Photo: CafeBiz)

According to VNS, the World Bank (WB) has predicted that the EU-Vietnam Free Trade Agreement (EVFTA) could help Vietnam’s GDP and exports grow 2.4 percent and 12 percent, respectively, by 2030, the Ministry of Industry and Trade (MoIT) has reported.

The deal is also expected to bring 100,000 to 800,000 people out of poverty.

The WB believes Vietnam could enjoy greater benefits from joining the EVFTA and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) if it conducts overall economic and institutional reform to comply with their conditions.

Vietnam could optimise the deals and reap unprecedented benefits (Photo: VNA)

WB Country Director in Vietnam Ousmane Dione said Vietnam could optimize the deals and reap unprecedented benefits if. Vietnam is determined to tighten the distance in deploying ability and legal appropriateness, according to Public Opinion.

Requirements on the rules of origin are one of the challenges Vietnam needs to overcome, he said, as a number of Made-in-Vietnam products still rely on imported materials - 62 percent in electronics and 53 percent in automobiles.

He suggested that Vietnam improve links between domestic suppliers and foreign enterprises that lead global supply chains.

Vietnam will become a destination for EU and global investors because of the EVFTA (Photo: Public Opinion)

Vietnam will become a destination for EU and global investors because of the EVFTA, he added. When FDI increases, however, the number of trade complaints will also pile up.

He, therefore, advised Vietnam to launch a systematic mechanism to deal with complaints between the State and investors. At the same time, priority should be given to key currency earners post-COVID-19.

Mr. Dione also said in order to optimize benefits from EVFTA, policies supporting economic recovery after Covid-19 need to prioritize main industries that account for the most exports of Vietnam to EU.

MoIT will partner with the Ministry of Science and Technology this year to supplement and amend the revised Law on Intellectual Property 2009 and review decrees relating to the EVFTA.

From 2021-2025, it will work with the Ministry of Finance to supplement and amend the revised Law on Insurance Business 2010.

In the near future, it will popularise the complaint settlement mechanism in the EVFTA and other FTAs to which Vietnam is a member.

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