EVFTA presents opportunities for Vietnam-Germany trade: seminar
Enterprises at a seminar in Hanoi on December 14 were informed about business opportunities in Germany offered by the EU-Vietnam Free Trade Agreement (EVFTA).
Trade between Vietnam and Germany increased from 5.6 billion USD in 2011 when the two countries set up their strategic partnership to 10 billion USD last year. (Photo: VNA)
Hanoi (VNA) – Enterprises at a seminar inHanoi on December 14 were informed about business opportunities in Germany offered by the EU-Vietnam Free Trade Agreement (EVFTA).
The seminar on promoting trade between Vietnam andGermany through the EVFTA was jointly held by the Vietnam Chamber of Commerceand Industry (VCCI) and the Friedrich Naumann Foundation for Freedom (FNF) - Vietnam.
Germany was the second biggest buyer of Vietnamese goods in the EuropeanUnion (EU) and the seventh biggest in the world last year. Germany was also thesecond largest goods supplier of Vietnam in the EU, and the 14th biggestin the world.
VCCI Vice Chairman Hoang Quang Phong said tradebetween Vietnam and Germany increased from 5.6 billion USD in 2011 when the twocountries set up their strategic partnership to 10 billion USD last year.
The EVFTA is expected to create breakthroughs in bilateral trade ties, as the agreement removes up to 99.2 percent of tarifflines for Vietnamese goods to Germany after seven years since it came to forceand 98.3 percent of tariff lines for German products imported in the Vietnamesemarket after 10 years.
The deal also includes many other commitments regardingcustoms, sanitary and phytosanitary measures, technical barriers, traderemedies, e-commerce, intellectual property and public procurement, which helpto establish standards and principles facilitating the penetration ofVietnamese and German goods into each other's markets.
Phong suggested Vietnamese firms study commitments byboth Vietnam and Germany in the EVFTA, saying exporters and importers shouldscope out the markets and learn about relevant regulations.
On this occasion, VCCI introduced a manual guidingbusinesses how to make use of the EVFTA to boost export and import betweenVietnam and Germany, and a news site on the Vietnam-Germany trade.
According to Pham Hung Tien, Deputy Director of FNFVietnam, German firms are interested in electricity and wind power development projects in thecentral provinces of Binh Thuan and Ninh Thuan, along with personnel trainingin Vietnam.
He also pointed out potential for bilateral cooperationin the auto and the assembly industries./.
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Trade between Vietnam and Germany increased from 5.6 billion USD in 2011 when the two countries set up their strategic partnership to 10 billion USD last year. (Photo: VNA) 
