EVFTA: “expressway” for Vietnam to access European market
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.
Hanoi (VNA) - The European Union –Vietnam Free Trade Agreement (EVFTA) is like an “expressway” connecting Vietnam and Europe thatwill speed up trade and investment cooperation between the two sides, saidexperts.
At a seminar hosted by the Government portal on March 23 inHanoi, experts said that the agreement will expand exports of Vietnamese goodsto Europe, while welcoming high-quality goods and investments from the market.
Nguyen Thi ThuTrang, Director ofthe Vietnam Chamber of Commerce and Industry (VCCI)'s WTO and Integration Centre, described theEVFTA as an almost “barrier-free” expressway which will help Vietnamese goodsreach their destination faster than other competitors.
However, Vietnamese enterprises need to prepare well bypromoting the application of technology in production to improve the qualityand competitiveness of their products, she noted.
She said the agreement offers great opportunities and benefits to Vietnamesebusinesses that import machinery and electronic equipment.
For Vietnam, it is necessary to quickly issue relevant legal documents to informlocal firms clearly about the procedures and regulations related export toand import from the European market.
Management agencies need to have “quick response" divisions so if anyproblem arises, they can be resolved swiftly, Trang said.
LuongHoang Thai, director of the Multilateral Trade PolicyDepartment under the Ministry of Industry and Trade,advised Vietnamese enterprises to pay special attention to technical and foodsafety requirements in the EU, saying that if they meet the standards, theywill enjoy preferences from the market.
Vietnamese firmsshould learn from those familiar with the EU market, thus better meeting itsrequirements, Thai said.
The EVFTA wassigned on June 30 last year and was ratified on February 12 this year bythe European Parliament. Specialists and companies expect the dealwill be approved by Vietnam’s National Assembly deputies in May 2020 so that itofficially takes effect.
If approved, Vietnamese companies will beable to tap a huge market with a population of 508 million and a total GDP ofabout 19 trillion USD./.
The EU-Vietnam Free Trade Agreement (EVFTA) is a new stride in the country’s integration process and also an important solution to achieve growth targets of the industry and trade sector amid adverse developments in the global environment.
The European Union-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA), scheduled to become effective in July, will help improve Vietnam’s business and investment climate and boost its institutional reform, thus contributing to fostering its growth in a long term, according to an official.
Since the EVTFA was approved, experts have been analysing the opportunities for Vietnam to penetrate deeper into the high-value foreign markets. However, the implementation of the deal also poses many challenges to Vietnamese agricultural products. Besides strict standards from the European Union market, competitive pressure in the domestic market is also a big issue.
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Illustrative image (Photo: VNA) 
