The Vietnam - EU Free Trade Agreement (EVFTA) has been in effect for four years (August 1, 2020). However, the level of benefits received from this new generation FTA is divided and different among businesses.
Failure to grasp and comply with the technical requirements of the importing country will create difficulties for businesses on the export path.
Exports to the US continue to grow and are expected to reach over US $100 billion in 2024. However, in addition to the growth in trade turnover between the two countries, the US currently has many barriers for Vietnamese export enterprises, typically trade defense measures.
Vietnam has the potential to develop a semiconductor industry in two phases – ATP (assembly, test and packaging) and design, according to Kim Chang Wook of Boston Consulting Group (BCG) in Seoul.
Businesses, farmers, and management authorities need to develop rational strategies in response to market changes to create breakthroughs and achieve the set export revenue target of US$4-4.3 billion for the year, experts have said.
August 1, 2020, marked a significant milestone for Vietnam and the European Union (EU) as the EU-Vietnam Free Trade Agreement (EVFTA) came into effect. Four years on, Vietnam stands tall as the leading ASEAN exporter to the EU, reaping the benefits of a thriving economic partnership that has spurred economic growth, job creation, and consumer access to premium European products.
Implementing the renewal process, Vietnam has transitioned from a centrally planned economy to a market one, while actively and comprehensively integrating into the international community and promoting industrialisation and modernisation, according to insiders.
Refraining from rushing, implementing steps gradually, and maintaining a clear vision are the recommendations that experts give to wood industry enterprises for successful digital transformation.
Vietnam's consumer goods industry currently has the fastest growth rate in the ASEAN region. However, for sustainable development in the future, businesses in the fast-moving consumer goods industry need to aim for green consumption.
Stating that trade disputes have a significant impact on import-export activities of businesses, talking to the press, Mr. Tran Viet Anh, Vice Chairman of the Ho Chi Minh City Business Association, made many recommendations for businesses.
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