Apparel is one of the sectors that benefits most from EVFTA (Photo: VNA) Hanoi(VNA) – A seminar was held by the Vietnam Trade and Industry Review in Hanoi onOctober 6 to discuss how to connect with the EU firms and make the best use ofthe EU-Vietnam Free Trade Agreement (EVFTA).
Speaking at the event, Chairman of the Board of Directors of Phuc Sinh Group Phan MinhThong said the EVFTA, which took effect three years ago, has created numerousopportunities. Accordingly, non-EU companies investing in Vietnam couldtake advantage of the reduced tariffs when exporting from Vietnam to Europe.
Many coffee factories have been established by not only Europeaninvestors but also those from Singapore, the US, and other Asian nations likeIndia. These investments aim to produce "Made in Vietnam" productsfor export to Europe and benefit significantly from the reduced tariffsprovided by the agreement, he said.
Ngo Chung Khanh, deputy head of the Multilateral TradePolicy Department at the Ministry of Industry and Trade (MoIT), highlighted theimportance of connecting Vietnamese firms with foreign partners - a significanttask outlined in the Government's plan to carry out new-generation FTAs. Thistask is also reflected in the plans of various ministries, sector andlocalities.
He said on October 12, the MoIT will chair a conference involvingleaders of the departments of industry and trade nationwide to review connectionsbetween domestic enterprises and foreign partners and EU businesses inparticular. This will enable localities to learn from each other's experience and best practices.
According to him, leveraging European resources, raw materials,and technology to produce higher-quality goods and joining more deeply in theglobal supply chain is a significant expectation of the Vietnamese firms as theEVFTA enters a new phase of implementation. Achieving this requirescollaboration from the State management agencies, industry associations, and especiallyappropriate support mechanisms, policies, and activities.
Khanh said businesses need to take a more proactive role inimproving their competitiveness, actively seeking partners and seizing opportunitiesto cooperate with the European firms. By doing so, they could make moreeffective use of the opportunities presented by the EVFTA./.
