Vietnamese enterprises, especially small- and medium-sized enterprises (SMEs), should quickly improve product quality and value to consolidate their competitiveness in the European Union market, an online conference on June 5 heard.
Hanoi (VNA) - Vietnamese enterprises, especially small- and medium-sized enterprises(SMEs), should quickly improve product quality and value to consolidate theircompetitiveness in the European Union market, an online conference on June 5heard.
The conference wasjointly held by the Ministry of Industry and Trade (MoIT) and the Vietnam Association of Smalland Medium-Sized Enterprises (VINASME) in a bid to help SMEs optimise the opportunitiesgenerated by the EU-Vietnam Free Trade Agreement (EVFTA).
Tran Thanh Hai, DeputyDirector of the MoIT’s Import-Export Department, suggested enterprises pay greaterattention to food hygiene, corporate social responsibility, and transparency inlabour information and product origin.
He also urged themto study the contents of the EVFTA, in particular commitments regarding tariffsand product origin.
SMEs should viewthe agreement as the first stage in their business activities and competitive pressureas a source of momentum to move forward, Hai emphasised.
Cooperating withmarket partners would help attract more investment to Vietnam, thus enablingSMEs to join regional and global supply chains more intensively, he added.
The MoIT hasrolled out various synchronous solutions in anticipation of the agreement, hesaid, including a draft action plan that defines the targets and tasks ofrelevant ministries and agencies in implementation efforts, which has beensubmitted to the Government for approval.
Signed on June30, 2019, the EVFTA is now awaiting approval from the Vietnamese NationalAssembly.
The EU is one ofVietnam’s three largest importers, along with the US and China. Vietnam’sexports to the market last year reached 41.54 billion USD, or 15.7 percent ofthe country’s total export value.
Vietnam accountsfor just 2 percent of the EU market share, however, meaning there is ample roomfor growth./.
The EU-Vietnam Free Trade Agreement (EVFTA), to take effect shortly, is expected to make up for some of the losses Vietnam’s economy incurred during the COVID-19 pandemic, according to insiders.
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 Vietnam Chamber of Commerce and Industry (VCCI) said on May 27 it is actively promoting the dissemination of the EU-Vietnam Free Trade Agreement (EVFTA) among the country’s business community, helping them grasp opportunities and access incentives when the deal is implemented.
The EU-Vietnam Free Trade Agreement (EVFTA) is awaiting approval of the Vietnamese National Assembly, which marks Vietnam’s great strides in international economic integration.
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.
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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.
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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.
Illustrative image (Photo: VNA) 
