Art the conference (Photo: VNA)Hanoi (VNA) - Vietnam’s small- and medium-sized enterprises (SMEs) received updates onthe latest information relating to the EU-Vietnam Free Trade Agreement (EVFTA)at an online conference held by the Ministry of Industry and Trade (MoIT) andthe Vietnam Association of Small and Medium Enterprises (VINASME) on June 5.
In his opening remarks, Minister of Industry and Trade Tran Tuan Anh emphasisedthat the conference aims to support SMEs seeking ways to fully tap into the opportunitiesbrought about by the agreement and to minimize its challenges.
Participants focused discussions on strategic benefits and issues enterprises musttake heed of to effectively implement the agreement, on potential products forexport, and on promoting all exports to the EU.
The role played by local authorities in supporting SMEs by building tradepromotion strategies to take advantage of opportunities from the agreement was alsoon the agenda.
The EVFTA was approved by the European Council on March 30 and is scheduled to be passed by theNational Assembly of Vietnam on June 8.
Vietnam is the only developing country and the second in the Associationof Southeast Asian Nations (ASEAN) to sign an FTA with the EU - the world’sleading economic community with GDP of 18,300 billion USD.
The agreement is hoped to drive Vietnam’sexports and help diversify its export markets.
According to research from the Ministry of Planning and Investment, it willhelp Vietnam increase its GDP by 2.18-3.25 percent in the first five years,4.57-5.30 percent in the next five years and 7.07-7.72 percent in the followingfive years while its exports to the EU are expected to grow by 42.7 percent by2025 and 44.37 by 2030.
Vietnamese businesses will soon have the opportunity to access newsupply chains to replace traditional supply chains disrupted or stalled by COVID-19.
It is a goodopportunity for Vietnam to step in and fill the gap in regional and globalsupply chains affected by the pandemic./.
VNA
