Minister of Industry and Trade Tran Tuan Anh (Source: VNA)Hanoi (VNA) – TheEU-Vietnam Free Trade Agreement (EVFTA) is hoped to provide a springboard forVietnam to boost exports, and diversify export markets and products, especiallyagri-aquatic ones, according to Minister of Industry and Trade Tran Tuan Anh.
The minister said that theEVFTA is a comprehensive, high-quality deal which has had balanced interest andtaken into consideration differences in development levels between the two sides.
According to Anh, negotiationsfor the EVFTA and the EU-Vietnam Investment Protection Agreement (EVIPA) werelaunched and concluded amidst the sound Vietnam-EU partnership, especially ineconomy and trade.
Commitments included in the EVIPAwill contribute to building a transparent legal and investment environment,thus helping Vietnam attract more investors from the EU and other markets.
The negotiations andimplementation of the agreements conveyed a positive message on Vietnam’s determinationin promoting its intensive integration into the world economy, said theminister.
Alongside, Vietnam’s majorproducts will enjoy preferential tax rates as well as favourable conditions fortrade activities, he said, adding that farm produce, rice, coffee, bee honey,livestock and fruit will benefit most from the deal.
Minister Anh held thatproducts with high prospects in the EU market include apparels, footwear,wooden furniture, IT and industrial products.
If the EVFTA takes effect in2020, Vietnam’s export to the EU will increase 20 percent and is predicted toreach 70-80 percent in 2025-2030, giving a boost to GDP. At the same time, itwill put domestic sectors in a fiercer competition, prompting them torestructure and enhance capacity.
This is a chance for Vietnamto further develop and form a common value chain with partners, thus enhancingthe investment efficiency for economic sectors, asserted the minister.
He noted that the EU is theleading trade and investment partner of Vietnam.
The EU’s strong sectors suchas services, finance, automobile, processing and manufacturing, IT, hightechnology, agriculture and food processing are the areas that Vietnam needsinvestment for comprehensive development, said Anh.
He said that the conclusionof negotiations is the prerequisite, but the readiness of enterprises whichwill be directly impacted by the deal is more important.
Businesses should be more proactivein accessing resources, particularly, small-and-medium-sized enterprises,should make comprehensive preparations and careful research of opportunitiesand challenges, thus rolling out responding solutions to improving theirproducts’ quality, competitiveness, and productivity.
He also stressed thatbusinesses should ensure that their products meet requirements on traceability,technical standards, as well as plant and animal safety and hygiene criteria ofthe EU.-VNA
VNA
