Vietnam expects to benefit from EVFTA
A seminar themed “European Union - Vietnam Free Trade Agreement: What’s in it for me?” was organised recently in the northern Hai Phong Port City to learn about what the trade pact entails.
The event, jointly held by EuroCham, Vietnam Chamber of Commerce and Industry’s Hai Phong branch, and Deep C Industrial Zone, drew the participation of more than 80 representatives from companies in the city, Hanoi and from EU countries’ embassies in Vietnam.
The audience learned about changes in trading regulations, market access, and regional implications as well as talked about their expectations.
The European – Vietnam Free Trade Agreement (EVFTA) would promote the flow of high-quality investments from the EU into the country with commitments on goods and services market access, the opening of Government procurement, investment policies and policy transparency.
The EVFTA will come into force from 2018, connecting Vietnam - one of ASEAN’s most dynamic manufacturing hubs with the EU – one of the world biggest markets with GDP of over 18 trillion USD, accounting for 22% of the world’s total GDP and a population of over 500 million people.
“EU is a common market with 28 member countries and 508 million people. Goods imported into the EU would have to meet strict standards. However, once the country meets the standards, goods will be able to access all EU member markets,” said Miriam Garcia Ferrer, Head of the Trade Section of the EU Delegation in Vietnam.
Once the EVFTA agreement goes into effect, the EU will eliminate import duties on approximately 85.6 percent of its tariffs lines on Vietnamese products. After seven years, 99 percent of EU tariffs will be removed for Vietnamese products. Vietnamese textiles, footwear, and seafood products (except for canned tuna and fish balls) will incur no import duties within seven years after the agreement takes effect.
Vietnam will eliminate 65 percent of its import duties on EU items and has drawn up a roadmap to eliminate tariffs (over 99 percent) over 10 years. The remaining export items will be offered tariff quotas with an import duty of zero percent.
According to Claudio Dordi, EU-MUTRAP Project team leader, the EVFTA benefits are not only limited to tariffs, but it would also contribute to eliminating other trade barriers and benefit member countries.
Vietnam in the recent years has been one of the most active players in negotiating and implementing free trade agreements, emphasising its privileged position and potential in becoming the world’s manufacturing and trading hub.
The EU is currently Vietnam’s second biggest export market and Vietnam is EU’s 11th biggest source of import. About 900 European enterprises have invested in Vietnam, making it the destination in the ASEAN region with the largest European business community.
The audience learned about changes in trading regulations, market access, and regional implications as well as talked about their expectations.
The European – Vietnam Free Trade Agreement (EVFTA) would promote the flow of high-quality investments from the EU into the country with commitments on goods and services market access, the opening of Government procurement, investment policies and policy transparency.
The EVFTA will come into force from 2018, connecting Vietnam - one of ASEAN’s most dynamic manufacturing hubs with the EU – one of the world biggest markets with GDP of over 18 trillion USD, accounting for 22% of the world’s total GDP and a population of over 500 million people.
At the seminar
|
Once the EVFTA agreement goes into effect, the EU will eliminate import duties on approximately 85.6 percent of its tariffs lines on Vietnamese products. After seven years, 99 percent of EU tariffs will be removed for Vietnamese products. Vietnamese textiles, footwear, and seafood products (except for canned tuna and fish balls) will incur no import duties within seven years after the agreement takes effect.
Vietnam will eliminate 65 percent of its import duties on EU items and has drawn up a roadmap to eliminate tariffs (over 99 percent) over 10 years. The remaining export items will be offered tariff quotas with an import duty of zero percent.
According to Claudio Dordi, EU-MUTRAP Project team leader, the EVFTA benefits are not only limited to tariffs, but it would also contribute to eliminating other trade barriers and benefit member countries.
Vietnam in the recent years has been one of the most active players in negotiating and implementing free trade agreements, emphasising its privileged position and potential in becoming the world’s manufacturing and trading hub.
The EU is currently Vietnam’s second biggest export market and Vietnam is EU’s 11th biggest source of import. About 900 European enterprises have invested in Vietnam, making it the destination in the ASEAN region with the largest European business community.
15:12, 2024/11/14
North-South high-speed railway to open up new economic opportunities
The government proposes a design speed of 350 km/h for the railway to ensure a modern, integrated, and forward-looking infrastructure appropriate to Vietnam’s geographical and economic conditions.
17:25, 2024/11/07
Prime Minister calls on China to pilot border economic cooperation zone
This economic cooperation zone is an initiative proposed by China and has been under negotiation with several countries, including Vietnam, since 2007.
17:29, 2024/07/23
State-owned corporations set to pilot offshore wind power projects
Private and foreign investors are currently not being considered for pilot projects due to unresolved legal and security issues.
06:12, 2024/07/17
AIIB ready to fund Hanoi’s urban railway projects
Hanoi expects the AIIB to assist with planning, implementation methods, and financing strategies to rapidly deploy metro projects.
15:33, 2024/07/02
S.Korea’s industrial conglomerates to expand investment activities in Vietnam
Prime Minister Pham Minh Chinh welcomed the proposals, which are consistent with Vietnam’s green growth strategy.
11:29, 2024/05/08
Intel boosts Vietnam’s semiconductor workforce for ambitious goals
Kim Huat Ooi, Vice President of Manufacturing, Supply Chain and Operations and General Manager of Intel Products Vietnam, spoke to The Hanoi Times about Vietnam's semiconductor ambitions and Intel's contribution to making the country a global manufacturing and R&D hub.
- Vietnam among top investment destinations for SEA investors
- Vietnam looks to support FDI firms as global minimum tax looms
- Factors unlocking Vietnam’s potential in FDI attraction: HSBC
- Opportunity at hand: Leveraging global minimum tax for FDI attraction
- Vietnam: Leading destination for sustainable investment
- Vietnam targets to draw investment in hi-tech industries: Prime Minister