Businesses have significant role to play in optimising EVFTA: seminar

Hanoi (VNA) – It is businesses that decide whether the EU-Vietnam Free Trade Agreement (EVFTA) can bring about economic benefits, heard a seminar in Ho Chi Minh City on June 6.

Chu Tien Dung, Chairman of the HCM City Union of Business Association, said the agreement’s terms regarding tariff cut and market opening have paved the way for businesses.

However, the enterprises’ completion of the set targets depends on their preparations of human and material resources, he added.

The official suggested the businesses study commitments, especially those on product origin and technical standards, made by Vietnam and partners, in order to get tax incentives.

At the same time, they should scope out foreign markets to understand their taste and demand, which can help them make orientations for their production, he said.

Johnathan Hanh Nguyen, Chairman of IPP Group, pointed to the lack of connectivity between enterprises in utilising opportunities to be generated by the agreement.

Big firms need to carry forwards their role in assisting smaller ones in the business network, thus promoting joint strength and bringing into full play incentives of the EVFTA, he said./.