Garment-textile for exports (Photo: VNA)
Businesses need time to access trade pacts, especially the European-Vietnam Free Trade Agreement (EVFTA) which is expected to bring numerous opportunities and benefits for import-export firms.
Speaking at a press conference in Hanoi on August 20, Head of the International Relations Department under the Ministry of Finance Vu Nhu Thang said 70 percent of businesses have yet to optimise FTA opportunities.
He mentioned Vietnam’s commitments to export duties and financial services in the EVFTA.
He underlined garment-textile and footwear exports to the EU as Vietnam’s strengths, saying once the EVFTA comes into effect, 80 percent of the sectors’ products will enjoy a zero percent tax rate and the remaining will be applied within seven years.
The EVFTA is considered a comprehensive and high-quality trade pact forecast to benefit the two sides, especially regarding potential Vietnamese industries such as garment-textiles, farm produce and timber products.
The EU is currently one of Vietnam’s key trade partners. Trade has increased considerably between 2012 and 2015, topping 36.7 billion USD last year.
Many products imported from the EU have helped Vietnam to develop industry, garment-textiles, footwear and means of transport.
The EU is also a major investor in Vietnam with 24 out of the 28 member countries running 2,000 investment projects worth nearly 30 billion USD in the Southeast Asian nation last year.-VNA
