Illustrative image (Photo: VNA) Berlin (VNA) – TheEuropean Union – Vietnam Free Trade Agreement (EVFTA), recently ratified by theVietnamese legislature, will not only help Vietnam boost production and exportsbut also enable European firms to increase their presence in this emergingAsian nation, said the German media.
The DPA newswire said oncethe deal takes effect in early August, 99percent of all tariffs on both sides will be cut after seven years.
The EVFTA willallow Vietnam, which is already one of the world’s fastest-growing economies,to increase its export turnover to the EU by about 20 percent by 2020 and 44percent by 2030, it said.
Meanwhile, the DW said the FTA with Vietnam is the EU's most ambitious tradedeal with a developing country. The deal is set to give the Southeast Asiancountry a much-needed economic boost amid the coronavirus pandemic.
In ratifyingthe deal, Vietnam committed to implementing sustainable development standards,protecting labour rights and to uphold its pledges to tackle climate changeunder the Paris Accord.
TheFinanznachrichten cited Vice President of the Federation of German Wholesale, Foreign Trade andServices Ines Kitzing as saying that the deal not only creates an economicdriving force but also offer a clear answer to protectionism under the disguiseof COVID-19 crisis.
GeneralManager of the Federal Association of the German Footwear and Leather GoodsIndustry Manfred Junkert, for his part, said opportunities for German producersin Vietnam rely on how Vietnam overcomes the pandemic as well as financialcapability of domestic enterprises.
He alsohailed Vietnam as a promising market for German leather and footwear. Lastyear, Vietnam was the second largest supplier of footwear to Germany ./.
The DPA newswire said oncethe deal takes effect in early August, 99percent of all tariffs on both sides will be cut after seven years.
The EVFTA willallow Vietnam, which is already one of the world’s fastest-growing economies,to increase its export turnover to the EU by about 20 percent by 2020 and 44percent by 2030, it said.
Meanwhile, the DW said the FTA with Vietnam is the EU's most ambitious tradedeal with a developing country. The deal is set to give the Southeast Asiancountry a much-needed economic boost amid the coronavirus pandemic.
In ratifyingthe deal, Vietnam committed to implementing sustainable development standards,protecting labour rights and to uphold its pledges to tackle climate changeunder the Paris Accord.
TheFinanznachrichten cited Vice President of the Federation of German Wholesale, Foreign Trade andServices Ines Kitzing as saying that the deal not only creates an economicdriving force but also offer a clear answer to protectionism under the disguiseof COVID-19 crisis.
GeneralManager of the Federal Association of the German Footwear and Leather GoodsIndustry Manfred Junkert, for his part, said opportunities for German producersin Vietnam rely on how Vietnam overcomes the pandemic as well as financialcapability of domestic enterprises.
He alsohailed Vietnam as a promising market for German leather and footwear. Lastyear, Vietnam was the second largest supplier of footwear to Germany ./.
VNA
