Business

Firms advised to better product quality to boost exports to EU

Vietnamese enterprises should improve the quality of their products and meet all the requirements of the European Union to enjoy tariff-related advantages and increase exports to the region, once the recently-signed EU-Vietnam Free Trade Agreement (EVFTA) becomes effective.
Firms advised to better product quality to boost exports to EU ảnh 1Overview of Vietnam-EU Trade Forum (Source: VNA)

HCM City (VNA) – Vietnamese enterprises should improve the quality oftheir products and meet all the requirements of the European Union to enjoy tariff-relatedadvantages and increase exports to the region, once the recently-signedEU-Vietnam Free Trade Agreement (EVFTA) becomes effective.

The advice was made byMiriam Garcia Ferrer, Head of the Trade and Economic Section of the Delegationof the European Union to Vietnam, at a Vietnam-EU Trade Forum on the EVFTA,which was jointly held by the Ministry of Industry and Trade and the delegationin Ho Chi Minh City on July 30.

She suggestedbusinesses obtain a thorough grasp of market information, rules of origin andregulations of the EU to carry out long-term strategies so as to gain a firmfoothold in the market.

Jean-Jacques Bouflet,Vice Chairman of the European Chamber of Commerce in Vietnam (Eurocham), saidthat with the EVFTA and the EU-Vietnam Investment Protection Agreement (EVIPA),investment flows from the EU will shift to Vietnam, with the focus on cleanenergy, agriculture and food production.

He cited a survey ofthe German Chamber of Commerce in Vietnam as saying that 55 percent of Germanenterprises operating in the Southeast Asian nation are planning to expandtheir operation.

The official stressedthat European enterprises want to boost the building of production chains withlocal ones, thus bringing about more cooperation opportunities for local onesto participate in value chains.

To bring into fullplay these opportunities, Vietnamese enterprises should actively renew theirproduction and management methods to reach standards and development trends ofEuropean partners, he suggested.

Speaking at the forum,Deputy Minister of Industry and Trade Hoang Quoc Vuong said that two-way tradeincreased by 13folds from 4.1 billion USD in 2000 to 55.8 billion USD in 2018,of which 41.9 billion USD came from Vietnam’s exports.

As of late June 2019,27 European countries and territories invested in Vietnam with 3,205 projectstotaling 53.1 billion USD.-VNA
VNA
#European Union #EU-Vietnam Free Trade Agreement #Delegation of the European Union to Vietnam #Eurocham #EVIPA #Vietnam #Vietnamplus #Vietnam News Agency
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