Illustrative image (Photo: VNA) Hanoi (VNA) – The European Parliament’sratification of the European Union – Vietnam Free Trade Agreement (EVFTA) onFebruary 12 will open up a golden opportunity to improve value chains, said Presidentof the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc.
Loc described the EP’s ratification of the deal and its adoptionby the Vietnamese National Assembly during the next session as a milestone inthe Vietnamese economy’s process of reform and global integration.
The European Union – a demanding market with the world’shighest standards, has officially recognised Vietnam’s efforts to reform, builda market economy and promote sustainable development, and stayed determined to enhance cooperationwith Vietnam, he said.
As a new-generation free trade deal, the EVFTA has beendubbed an expressway to the west, connecting Vietnam with a wide and promisingmarket in terms of finance, technology and market size.
The EU will cut 85.6 percent of tariff lines, thus improvingthe competitiveness of 70.3 percent of Vietnam’s exports to the region. Meanwhile,Vietnam will also remove 48.5 percent of tariff lines, or 64.5 percent of itsimports, which will reduce input costs for the manufacturing and servicessectors.
With the support of European partners, Vietnam hopes to increasevalue-added and hi-tech content in production, he said, adding that efforts tomeet global standards in terms of corporate governance, labour and the environmentwill create new energy for Vietnam’s sustainable development strategy.
He suggested that businesses should learn about commitments,opportunities and challenges in their sectors while improving theircompetitiveness regarding governance, workforce, goods and services to reachEuropean standards.
Loc also highlighted the need to reform institutions tofacilitate transparent and fair competition, support micro-small, small andmedium-sized enterprises, develop the support industry, and create an ecosystembeneficial to both domestic and foreign firms./.
Loc described the EP’s ratification of the deal and its adoptionby the Vietnamese National Assembly during the next session as a milestone inthe Vietnamese economy’s process of reform and global integration.
The European Union – a demanding market with the world’shighest standards, has officially recognised Vietnam’s efforts to reform, builda market economy and promote sustainable development, and stayed determined to enhance cooperationwith Vietnam, he said.
As a new-generation free trade deal, the EVFTA has beendubbed an expressway to the west, connecting Vietnam with a wide and promisingmarket in terms of finance, technology and market size.
The EU will cut 85.6 percent of tariff lines, thus improvingthe competitiveness of 70.3 percent of Vietnam’s exports to the region. Meanwhile,Vietnam will also remove 48.5 percent of tariff lines, or 64.5 percent of itsimports, which will reduce input costs for the manufacturing and servicessectors.
With the support of European partners, Vietnam hopes to increasevalue-added and hi-tech content in production, he said, adding that efforts tomeet global standards in terms of corporate governance, labour and the environmentwill create new energy for Vietnam’s sustainable development strategy.
He suggested that businesses should learn about commitments,opportunities and challenges in their sectors while improving theircompetitiveness regarding governance, workforce, goods and services to reachEuropean standards.
Loc also highlighted the need to reform institutions tofacilitate transparent and fair competition, support micro-small, small andmedium-sized enterprises, develop the support industry, and create an ecosystembeneficial to both domestic and foreign firms./.
VNA
