Vietnam urged to improve policies for effective implementation of EVFTA
Improving the policy system and legal framework based on international trade practice is one of the important factors for Vietnam to integrate more deeply into the global value chains and attract investment capital from Europe as well as create a level playing field for domestic and foreign enterprises, Ambassador Giorgio Aliberti, Head of the European Union Delegation to Vietnam, has said.
Hanoi (VNA) - Improving the policy system and legal framework based on internationaltrade practice is one of the important factors for Vietnam to integrate more deeply intothe global value chains and attract investment capital from Europe as well ascreate a level playing field for domestic and foreign enterprises, Ambassador GiorgioAliberti, Head of the European Union Delegation to Vietnam, has said.
Up to 35percent of European business leaders see administrative procedures as a barrierin the implementation of the European Union - Vietnam Free Trade Agreement (EVFTA), according to the 2021 White Book released recently by the European Chamber of Commerce (EuroCham) in Vietnam.
Aliberti said that there is great investment potential from theEuropean Union, especially in high-value sectors.
EuroCham is committed to supporting the Vietnamese Government in setting up asustainable development roadmap to bring better investment opportunities in thefuture for the business communities of the two sides, he added.
In early 2021, European business leaders made a positive and optimisticassessment about Vietnam’s trade and investment environment. The BusinessClimate Index (BCI) of Vietnam reached 73.9 points in the first quarter of thisyear, the highest score recorded since the third quarter of 2019, before theCOVID-19 pandemic hit global trade and investment.
However, the fourth wave of COVID-19 infections in manyprovinces and cities across the country caused the BCI to drop by nearly30 points in the second quarter of this year to only 45.8 points.
According to Aliberti, the outbreak of the pandemic led to certain disruptionsduring the social distancing period in Vietnam and other countries in theregion. However, Vietnam has made remarkable reforms to implement the EVFTA such as its efforts related to certification of origin andgeographical indications with very specific improvements, he said, adding thatthis is a very important starting point.
The official said the EU and Vietnamwill witness the opening of their markets along with tariff reductions,opening a new wave of trade for the business communities of the two sides inthe future. If the two sides cooperate to solve difficulties, the post-pandemicrecovery will quickly achieve desirable results, towards a brighter and moreprosperous future in the relationship between Vietnam and the EU, he said./.
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A seminar was held in Hanoi on November 4 in both direct and online formats to discuss opportunities, challenges and solutions for Vietnam after one year of implementing the EU-Vietnam Free Trade Agreement (EVFTA).
The recovering European economy together with higher demand is providing Vietnamese enterprises with opportunities to promote exports and optimise advantages from the EU-Vietnam Free Trade Agreement (EVFTA), speeding up the recovery of production and business activities after a long period of suffering from COVID-19 impacts, according to experts.
In the context of complicated development of the Covid19 on a global scale, bilateral trade between Vietnam and the EU recorded significant increase after the EVFTA was enforced. Vietnam’s export to the EU reached 39.75 billion USD, increased by 6.2%, thanks to the recovery of the EU economy in the second quarter of 2021 and the tariff cut under EVFTA.
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Illustrative image. (Photo: tapchitaichinh.vn) 
