Business

EVFTA to help improve Vietnam’s competitiveness: researcher

The European Union-Vietnam Free Trade Agreement (EVFTA), once taking effect, will help increase the competitiveness of Vietnam as well local enterprises and commodities, said Pham Tat Thang, a senior researcher at the Ministry of Industry and Trade’s Trade Research Institute.
EVFTA to help improve Vietnam’s competitiveness: researcher ảnh 1Thanks to the EVFTA, Vietnamese entrepreneurs will have more chances to get in touch with European counterparts. (Photo: VNA)

Hanoi (VNA) – The EuropeanUnion-Vietnam Free Trade Agreement (EVFTA), once taking effect, will helpincrease the competitiveness of Vietnam as well local enterprises and commodities,said Pham Tat Thang, a senior researcher at the Ministry of Industry andTrade’s Trade Research Institute.

In an interview granted to the Vietnam News Agency (VNA) following thesigning of the EVFTA and the EU-Vietnam Investment Protection Agreement (EVIPA)on June 30, Thang said that thanks to the EVFTA, Vietnamese entrepreneurs willhave more chances to get in touch with European counterparts.

“If we can bring the EU’s goods and high technologies to Vietnam, thecompetitiveness of Vietnamese commodities, enterprises and the nation will be improved,”he said.

For the EVFTA, Vietnam has had many expectations as the European marketaccounts for one-fourth of its export turnover, he said, adding that anyproducts that are allowed to be exported to the EU can be sold at any placesaround the world.

To boost the country’s exports to the European market, Thang advisedVietnamese enterprises to improve themselves to overcome the market’s stricttechnical barriers.

EVFTA to help improve Vietnam’s competitiveness: researcher ảnh 2Vietnamese enterprises should improve themselves to overcome the market’s strict technical barriers.(Photo: VNA)

He suggested local firms change their quality management and assessmentsystems, and focus on ensuring the enforcement of regulations related to foodsafety and hygiene, environmental protection, ozone layer protection and wildanimal protection, among others.

Thang went on to say that as Vietnam is in the process of development,it needs much investment in infrastructure and hi-tech industry. Meanwhile, theEU has much capital and therefore, when the EVFTA and EVIPA become effective,more flows of capital from the EU will be poured into Vietnam.

However, to that end, Vietnam has to make thorough preparations in termsof basic infrastructure such as electricity, water, industrial zones and humanresources to welcome European investors, he added.-VNA
VNA
#European Union-Vietnam Free Trade Agreement #increase the competitiveness #Vietnam #local enterprises #Pham Tat Thang #interview #EU’s goods #high technologies #strict technical barriers #quality management #assessment systems #Vietnam News Agency #Vietnamplus European Union
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