Illustrative photo (Photo: VNA) HCM City (VNA) – Five key exports of Vietnam – seafood,fruit, woodwork, footwear and apparel goods – will have a good chance to boosttheir growth into the EU market thanks to tariff reduction brought about by theEU – Vietnam Free Trade Agreement (EVFTA), according to the Ministry ofIndustry and Trade.
The deal, signed in Hanoi on June 30, is the first the EU hadinked with a developing country in Asia, paving the way for the gradualreduction of up to 99 percent of tariffs between the two sides, as well as forthe opening of the service and public procurement markets.
The ministry recommended exporters who want to expand theirmarket share in the EU comply with regulations set by the bloc, particularlythose on product origin and food safety.
Attention should also be paid to compulsory regulations onsocial responsibility as well as information transparency related to labour andproduction environment, it said.
Meanwhile, exporters of seafood products ought to be carefulin ensuring the principle against illegal, unreported and unregulated (IUU)fishing.
Echoing the view, Chairman of the Vietnam Textile &Apparel Association (VITAS) Vu Duc Giang said in preparation for meeting theFTA’s requirements, since the beginning of 2018, the association has supportedfirms in accessing financial funds to make their production become moreenvironmentally friendly.
However, he also pointed his finger at the short supplies,as over 60 percent of production materials for the garment-textile,leather-footwear, plastic, and food sectors, among others, have to be imported.
In the long-term, the shortage could turn into a hurdle forVietnam to take advantage of tariff policy of the FTAs it has signed.
Vietnam is currently the second biggest ASEAN trade partnerof the EU, which is also one of the key trade partners of the Southeast Asiannation. Bilateral trade reached 55.8 billion USD in 2018.-VNA
VNA
