Vietnam’s exports to the European Union are to rise by 75 percent by 2020, predicted Dr. Vu Huyen Phuong from Foreign Trade University.
The surge will lead to expanded production activities and increased attraction of foreign investment and job opportunities, said Dr. Phuong at a conference in Ho Chi Minh on April 25 which focused on supporting non-State entities in joining the Vietnam-EU free trade agreement (EVFTA).
Phuong also held that Vietnam’s labour export will also enjoy sharp growth.
Meanwhile, Nguyen Thi Quynh Nga from the Multi-Trade Policy Department under the Ministry of Industry and Trade, said the EVFTA is an ambitious and comprehensive deal on trade, service, investment and government procurement.
Apart from removing non-tariff barriers, the agreement will also settle other matters related to legal procedure, competitiveness, intellectual property including geographical indication.
Some experts at the conference agued that the deal is expected to pave the way for the increase of Vietnam’s exports as factors supporting export growth become saturated.
However, they pointed out a number of challenges facing Vietnam when the deal is signed, especially procedure to prove goods’ origin.
Besides, Vietnamese firms and farmers should try harder to compete against products imported from the EU, requiring stronger market strategies, information and forecast.
According to the Multi-Trade Policy Department, latest negotiations for the agreement concluded in March this year with positive results. The two sides expected to finalise a number of key contents of the deal towards the signing of the deal in the first half of 2015.-VNA
The surge will lead to expanded production activities and increased attraction of foreign investment and job opportunities, said Dr. Phuong at a conference in Ho Chi Minh on April 25 which focused on supporting non-State entities in joining the Vietnam-EU free trade agreement (EVFTA).
Phuong also held that Vietnam’s labour export will also enjoy sharp growth.
Meanwhile, Nguyen Thi Quynh Nga from the Multi-Trade Policy Department under the Ministry of Industry and Trade, said the EVFTA is an ambitious and comprehensive deal on trade, service, investment and government procurement.
Apart from removing non-tariff barriers, the agreement will also settle other matters related to legal procedure, competitiveness, intellectual property including geographical indication.
Some experts at the conference agued that the deal is expected to pave the way for the increase of Vietnam’s exports as factors supporting export growth become saturated.
However, they pointed out a number of challenges facing Vietnam when the deal is signed, especially procedure to prove goods’ origin.
Besides, Vietnamese firms and farmers should try harder to compete against products imported from the EU, requiring stronger market strategies, information and forecast.
According to the Multi-Trade Policy Department, latest negotiations for the agreement concluded in March this year with positive results. The two sides expected to finalise a number of key contents of the deal towards the signing of the deal in the first half of 2015.-VNA
