The Ministry of Industry and Trade (MoIT) on December 27 organised a conference to review the implementation of the EU-Vietnam Free Trade Agreement (EVFTA) over the last two years.
Hanoi (VNA) – The Ministry of Industry and Trade (MoIT) on December 27 organised a conference to review the implementation of the EU-Vietnam Free Trade Agreement (EVFTA) over the last two years.
Speaking at the event, Deputy Minister of Industry and Trade Tran Quoc Khanh said that since August 2020, Vietnam and the EU have seen positive results in their two-way trade despite the COVID-19 pandemic.
In the first year of the EVFTA’s implementation, bilateral trade between Vietnam and the EU reached 54.9 billion USD, up 12.1% over the same period the previous year, of which export revenue reached 34.5 billion USD, up 11.3%.
In the second year, it reached 61.4 billion USD, up nearly 11.9%, of which exports reached 45 billion USD, up 17%.
In the first 11 months of 2022, two-way trade turnover reached 57 billion USD, up 14% over the same period last year, of which exports reached 43.5 billion USD, up 21%. Key export products from Vietnam recorded positive growth such as textiles, footwear, and seafood, with year-on-year increases of 24%, 19% and 41%, respectively.
The results show that Vietnamese enterprises have taken advantage of the EVFTA. Four out of ten Vietnamese enterprises have benefited from the EVFTA, according to the Vietnam Chamber of Commerce and Industry.
However, according to the MoIT, the EU market still offers opportunities for Vietnamese enterprises despite facing difficulties in accessing the market.
Deputy Minister Khanh said that Vietnam's brand has not been built or is not popular in European countries.
The value and benefits that Vietnamese businesses earn are not commensurate with their potential, he added.
Ngo Chung Khanh, Deputy Director General of the MoIT’s Multilateral Trade Policy Department, said that the ministry plans to coordinate with other ministries and agencies to further provide enterprises with EVFTA-relating information.
Besides, the ministry will also assess the implementation of the EVFTA in provinces and cities nationwide through FTA INDEX which is expected to launch in late 2023.
The ministry will open training courses for enterprises, and 𒉰speed up solu༒tions to support enterprises in accessing and taking advantage of the EVFTA./.
Four out of every 10 Vietnamese businesses have gained some benefits, including in import-export, from the Vietnam-EU Free Trade Agreement (EVFTA), according to a survey of the Vietnam Chamber of Commerce and Industry (VCCI), heard a recent conference on increasing the presence of Vietnamese firms in the EU market.
Insiders discussed ways to expand the export of locally-branded products to member markets of the European Union – Vietnam Free Trade Agreement (EVFTA), at a seminar held by Cong Thuong (Industry and Trade) Magazine on November 25 in Hanoi.
A seminar on how to fully tap the benefits of imports and investment from the EU – Vietnam Free Trade Agreement (EVFTA) was held by the Cong Thuong (Industry and Trade) Magazine on December 6.
After 2 years of implementing the EU-Vietnam Free Trade Agreement EVFTA (August 2020 - July 2022), total export turnover reached nearly 83.6 billion USD, 24% higher than the average export turnover during the 2016-2019 period.
Due to a lack of knowledge about origin regulations, many Vietnamese firms have yet to optimise advantages from the EU-Vietnam Free Trade Agreement (EVFTA), which has been effective for two years and generated great benefits for both sides, according to insiders.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
Deputy PM Tran Hong Ha urged countries to work together to remove supply chain bottlenecks, expand market access, strengthen cooperation in smart customs procedures, mutually recognise technical standards, and eliminate unnecessary protectionist barriers to boost trade and investment.
The event has gathered over 400 exhibitors from 16 countries and territories, with more than 980 booths showcasing a wide range of products and technologies in automotive components, electronics, repair and maintenance, bodywork, accessories, and customisation.
The latest order follows Vietjet’s commitment for 20 additional A330neo aircraft last month, bringing the airline’s total widebody aircraft on order to 40.
Minister of Finance Nguyen Van Thang acknowledged the target represents an important milestone for socio-economic development as well as a demonstration of the country’s aspiration for robust economic growth.
The price of E5 RON92 petrol is now capped at 20,631 VND (0.79 USD) per litre, up 1,169 VND from the previous adjustment, while RON95-III costs no more than 21,244 VND per litre, up 1,277 VND.
While German consumers are familiar with Vietnamese products such as coffee, seafood, tea, and spices, many other quality items remain relatively unknown in the market. The Selgros event not only helped introduce Bac Giang lychee to German consumers but also provided them with the opportunity to experience other Vietnamese agricultural products.
The article by Cuba’s Inter Press Service detailed how Vietnamese private enterprise Agri VMA leased 1,000 ha of land in Los Palacios district, Cuba’s westernmost province of Pinar del Río, for rice cultivation over a three-year period. The project’s first harvest in 2025 recorded an impressive yield of 7.2 tonnes per hectare, far exceeding the local average of 1.6 tonnes.
Illustrative image (Photo: VNA)
