Although the EU-Vietnam Free Trade Agreement may greatly benefit businesses from both sides, they must first abide by labour and social standards set out in the deal to reap the various advantages.
Viet Nam is expected to continue growing its share of global exports despite decline amid the resurgence in the COVID-19 pandemic after three months of no local transmissions, according to an HSBC report.
Experts have raised concerns that Vietnamese businesses are slow in preparing conditions to enjoy preferential tariffs in the Viet Nam-EU Free Trade Agreement (EVFTA).
This is the second FTA that the EU has ever made with a Southeast Asian country, after Singapore.
Viet Nam will continue to fulfill its international commitments so that it can take full advantage of the EU-Viet Nam Free Trade Agreement (EVFTA) and recover its economy amid a resurgence of COVID-19 pandemic.
At the Forum on Trade and Industrial Cooperation with the EU themed "EVFTA – Opportunity for strategic cooperation towards sustainable development", Deputy Minister of Industry and Trade Hoang Quoc Vuong encouraged enterprises on both sides to seize the unprecedented opportunities to work towards sustainable economic development.
The EU-Vietnam agreement is the most comprehensive trade agreement the EU has concluded with a developing country.
The EU-Vietnam Free Agreement (EVFTA) is a giant leap for Vietnam in international integration.
With a series of signed free trade agreements, Vietnam is opening up a new development horizon for businesses, but as a result manufacturers may suffer from the deeper scrutiny that come along with the deals, especially when it comes to origin of goods.
A clear question was asked to me by a Vietnamese businessman from the Mekong Delta at a major information event in My Tho city, organised by the Ministry of Foreign Affairs (MoFA) and our foundation. “How can I as an entrepreneur benefit concretely from free trade agreements?” It was precisely this question that made me reflect on our recent activities.