The Vietnam – EU free trade agreement (EVFTA) is considered an important push for the connection of businesses and exported goods to the EU market. Besides e-commerce, changing manufacturing processes and satisfying the origin of goods are also important factors for Vietnamese enterprises to take advantage of opportunities from the deal.
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By the end of the first quarter of 2021, the country's socio-economic situation had many clear changes. However, with many immediate difficulties, to achieve the annual growth target of 6.5% requires great determination and effort.
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The total foreign investment capital in Vietnam in the first three months of this year was US$10.13 billion. According to many foreign enterprises, Vietnam is still the country with the safest and most attractive investment environment in Asia in the coming years. Meanwhile, many domestic enterprises complained that “there were still many thumbtacks under the red carpet".
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Input material prices for Vietnamese wood exporters have risen sharply, but most of them are stuck in the mud as there seems no suitable way to increase their selling prices accordingly.
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The agricultural sector needs to focus on developing raw materials to reduce the dependence on imports as well as improve processing capacity, experts said.
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Despite facing multiple difficulties due to the complicated development of COVID-19, container shortages and rising transportation costs, Vietnam's exports in the first quarter still recorded positive results, making an important contribution to the nation’s overall economic growth.
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Last week’s Suez Canal situation caused disruption to some of Vietnam’s exports and imports. Tran Thanh Hai, deputy director of the Ministry of Industry and Trade’s Agency of Foreign Trade, explained more to VIR’s Nguyen Thu on how the event has affected Vietnam’s trade and supply chains.
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The rapidly increasing import of wooden products and furniture parts from the Chinese market is raising many concerns about origin fraud and trade defense lawsuits.
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Overcoming the negative impacts of the Covid-19 outbreak in Hai Duong and Quang Ninh provinces, economic growth in the first quarter of 2021 reached 4.48%. This is a lower level than in the operating scenario but compared to the first quarter of 2020, when the epidemic began to appear in Vietnam, this result is positive.
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Impressive figures on export growth to the EU market show that Vietnamese enterprises have initially approached and take advantage of opportunities arising from the EU-Vietnam Free Trade Agreement (EVFTA). However, this agreement is not the "universal key" for Vietnamese goods to be increasingly exported to this high potential but very difficult market. In order to continue to effectively implement EVFTA, Government, ministries, branches and especially the business community still have a lot of work to do.
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