Businesses need time to access trade pacts, especially the European-Vietnam Free Trade Agreement (EVFTA) which is expected to bring numerous opportunities and benefits for import-export firms.
Businesses need time to access trade pacts, especially the European-Vietnam Free Trade Agreement (EVFTA) which is expected to bring numerous opportunities and benefits for import-export firms.
Speaking at a press conference in Hanoi on August 20, Head of the International Relations Department under the Ministry of Finance Vu Nhu Thang said 70 percent of businesses have yet to optimise FTA opportunities.
He mentioned Vietnam’s commitments to export duties and financial services in the EVFTA.
He underlined garment-textile and footwear exports to the EU as Vietnam’s strengths, saying once the EVFTA comes into effect, 80 percent of the sectors’ products will enjoy a zero percent tax rate and the remaining will be applied within seven years.
The EVFTA is considered a comprehensive and high-quality trade pact forecast to benefit the two sides, especially regarding potential Vietnamese industries such as garment-textiles, farm produce and timber products.
The EU is currently one of Vietnam’s key trade partners. Trade has increased considerably between 2012 and 2015, topping 36.7 billion USD last year.
Many products imported from the EU have helped Vietnam to develop industry, garment-textiles, footwear and means of transport.
The EU is also a major investor in Vietnam with 24 out of the 28 member countries running 2,000 investment projects worth nearly 30 billion USD in the Southeast Asian nation last year.-VNA
Vietnamese businesses have been provided with necessary information on opportunities to make inroads into the European Union (EU) market through Belgium’s Wallonie region, at a recent workshop in Ho Chi Minh City.
Vietnam and the European Union (EU) have basically concluded negotiations on the bilateral free trade agreement (EVFTA), announced Vietnamese Minister of Industry and Trade Vu Huy Hoang on August 4.
After the Free Trade Agreement between EU and Vietnam (EVFTA) comes into effect, the EU will eliminate 85.6 percent of tariff lines which account for 70.3 percent of Vietnamese export value to the EU,
The European Parliament (EP) advocates the signing of the EU-Vietnam Free Trade Agreement (EVFTA) to since it benefits Vietnam, the EU and other Southeast Asian nations, executives of the EP’s International Trade Committee (INTA) have said.
The EU-Vietnam Free Trade Agreement (EVFTA) will create ample opportunities for enterprises from both sides, heard a talk on the deal held in Flamand, Belgium on May 19.
The progress on and quality of negotiations for an EU-Vietnam free trade agreement (EVFTA) have been ensured, making the target for the conclusion of the talks feasible, Minister of Industry and Trade Vu Huy Hoang said following his working session with EU Commissioner for Trade Cecilia Malmstrom in Brussels on June 23.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
Dung underlined several key objectives, including a comprehensive review of the legal framework governing SOEs, and called for updates that reflect international standards and support modern, transparent governance.
While the US market has become more difficult to access due to new tax policies, Australia could play the role of a trade cushion, helping to reduce shocks and maintain export momentum for Vietnam's shrimp industry.
Garment-textile for exports (Photo: VNA)
