Vietnam’s wood exports to EU likely to reach 1 billion USD thanks to EVFTA
Vietnam’s wood exports to the European Union (EU) is likely to reach 1 billion USD after the recently ratified EU-Vietnam Free Trade Agreement (EVFTA) takes effect, according to market watchers.
Hanoi (VNA) – Vietnam’s wood exports to the European Union (EU) islikely to reach 1 billion USD after the recently ratified EU-Vietnam Free TradeAgreement (EVFTA) takes effect, according to market watchers.
This is thanks to the provision that after the move, 90 percent of Vietnamesewood products to the market will be subjected to the zero percent import taxrate, said Secretary General of the Ho Chi Minh City Handicraft and WoodIndustry Association (HAWA) Nguyen Chanh Phuong.
In 2019, Vietnam exported nearly 700 million USD worth of wood products to theEU – an important supplier of wood material for the Southeast Asian country.
The EVFTA was ratified on February 12 by the European Parliament (EP) alongwith the EU-Vietnam Investment Protection Agreement (EVIPA).
The two documents were signed in Hanoi on June 30 last year, includingintensive, extensive and comprehensive commitments covering economy, trade,investment and sustainable development issues.
The EVFTA, in particular, is expected to create a major push for Vietnam’sexports, helping diversify the country’s exports and markets.
Under the agreement, Vietnam will cut 65 percent of import tax on EUcommodities right after the deal takes effect, while the rest will be erased ina 10-year period.
Meanwhile, the EU will cut more than 70 percent of tariff on Vietnam’scommodities right after the deal takes effect, while the rest will be abolishedin the seven subsequent years./.
The recent ratification of the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA) by the European Parliament (EP) has both strategic and economic importance in the relations between Vietnam and the European Union (EU), Permanent Deputy Foreign Minister Bui Thanh Son has said.
The recently ratified EU-Vietnam Free Trade Agreement (EVFTA) is likely to accelerate trade between Vietnam and Poland, according to International Business Times.
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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.
Processing wood for exports (Photo: VNA) 
