Opportunities, challenges lie ahead under EU-Vietnam FTA
Opportunities and challenges for Vietnam under the EU-Vietnam Free Trade Agreement (EVFTA) were highlighted at a workshop held in Ho Chi Minh City on June 1.
HCM City (VNA) – Opportunities and challenges for Vietnam under the EU-Vietnam Free Trade Agreement (EVFTA) were highlighted at a workshop🌳 🔯held in Ho Chi Minh City on June 1.
Vietnam and the EU have agreed to push the ratification process to make the agreement effective in 2018. Both parties expect the EVFTA will allow them to boost economic growth, stimulate trade and investment cooperation and create more job opportunities.
It is crucial for Vietnam to review and make amendments to its relevant laws and regulations in order to ensure consistency with the FTA commitments. As doing so may have a huge impact on domestic businesses as well as the country’s key sectors.
The EVFTA will help Vietnamese enterprises improve their competitiveness and gain more access to the EU markets, said George Berczely, Chairman of the Transportation and Logistics Sector Committee of the European Chamber of Commerce in Vietnam (EuroCham).
To enjoy tariff and customs incentives under the deal, Vietnam needs to comply with its commitments regarding rules of origin and intellectual property rights, he added.
Each industry will have its own tariff elimination schedule after the FTA comes into force in 2018. However, enterprises should be preparing themselves from now with the equipment and materials required to form complete supply chains, especially those in the garment & textiles, and footwear sectors.
They should also be less dependent on imported materials and have a diverse supplier base to ensure their sustainable development.
Speaking of trade facilitation, Nicolas Audier from EuroCham said the EVFTA will provide simplified customs procedures with pre-arrival processing that will enable the release of goods on arrival, but it also requires both parties to maintain transparency and responsibility to the commitments.-VNA
A conference was held in Hanoi on March 16 to review Vietnam’s legal framework against the commitments of the EU – Vietnam Free Trade Agreement (EVFTA) on investment.
Vietnamese enterprises should understand and meticulously apply the stringent rules of origin, as well as the exceptions of free trade agreements, to enjoy the best from preferential taxation.
European parliament members, experts and business representatives gathered in Brussels on April 27 to discuss ways to boost EU-Vietnam trade relations.
The EU-Vietnam free trade agreement (EVFTA) will create a boost for trade and investment between the two sides, affirmed Deputy Minister of Industry and Trade Tran Quoc Khanh.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
Deputy PM Tran Hong Ha urged countries to work together to remove supply chain bottlenecks, expand market access, strengthen cooperation in smart customs procedures, mutually recognise technical standards, and eliminate unnecessary protectionist barriers to boost trade and investment.
The event has gathered over 400 exhibitors from 16 countries and territories, with more than 980 booths showcasing a wide range of products and technologies in automotive components, electronics, repair and maintenance, bodywork, accessories, and customisation.
The latest order follows Vietjet’s commitment for 20 additional A330neo aircraft last month, bringing the airline’s total widebody aircraft on order to 40.
Minister of Finance Nguyen Van Thang acknowledged the target represents an important milestone for socio-economic development as well as a demonstration of the country’s aspiration for robust economic growth.
The price of E5 RON92 petrol is now capped at 20,631 VND (0.79 USD) per litre, up 1,169 VND from the previous adjustment, while RON95-III costs no more than 21,244 VND per litre, up 1,277 VND.
While German consumers are familiar with Vietnamese products such as coffee, seafood, tea, and spices, many other quality items remain relatively unknown in the market. The Selgros event not only helped introduce Bac Giang lychee to German consumers but also provided them with the opportunity to experience other Vietnamese agricultural products.
The article by Cuba’s Inter Press Service detailed how Vietnamese private enterprise Agri VMA leased 1,000 ha of land in Los Palacios district, Cuba’s westernmost province of Pinar del Río, for rice cultivation over a three-year period. The project’s first harvest in 2025 recorded an impressive yield of 7.2 tonnes per hectare, far exceeding the local average of 1.6 tonnes.
During the visit, office representatives held a working session with the Tipaza Chamber of Commerce and Industry and met with several prominent local businesses operating in key sectors including industry, agriculture, fisheries, food processing, chemicals, pharmaceuticals and plastics.
A Nordic delegation to Vietnam International Sourcing 2025 in September will feature leading names in retail, consumer goods, logistics, and sustainable manufacturing, including global fashion giant H&M, offering fresh prospects for partnerships in fashion, textiles, and green supply chains.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
Effective from the date of signing on June 18, the decision halts procedures outlined in the 2005 Memorandum of Understanding (MoU) between the governments of Vietnam and Laos on the initial implementation of the Greater Mekong Subregion (GMS) Cross-Border Transport Facilitation Agreement at the Lao Bao–Densavan border gate.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
Illustrative photo (Photo:VNA)
