Many export products of Vietnam have seen positive changes in the EU market after two months of the Vietnam-EU Free Trade Agreement (EVFTA), typically leather and footwear, seafood and rice.
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After nearly two months of the EVFTA, seafood exports strongly increased but there were some problems for seafood enterprises.
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The trade cooperation program between Ho Chi Minh City and other provinces has affirmed the right direction since 2011 thanks to the establishment of many commodity supply chains, promoting elements of the production chain to be cleaner, better, and more valuable.
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The EU-Vietnam Free Trade Agreement (EVFTA) officially entered into force in August. From day one, the EVFTA has started to phase out almost 99 per cent of tariff lines and barriers to trade between Vietnam and the EU. This should result in €15 billion ($17.5 billion) a year in additional exports from Vietnam to the EU by 2035, while EU exports to Vietnam would expand by €8.3 billion ($9.68 billion) annually.
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The Government issued Decree No. 111/2020/ND-CP dated September 18, 2020 on Vietnam's Preferential Export Tariffs and Special Preferential Import Tariffs to implement the free trade agreement between Vietnam and the European Union (EVFTA) for the period 2020-2022. Customs newspaper spoke with Pham Tuan Anh - Deputy Director of International Cooperation Department, Ministry of Finance around this.
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The United Kingdom recently held talks with all members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership to discuss UK accession to the deal. Emily Hamblin, consul general in Ho Chi Minh City and trade director for Vietnam, talked with VIR’s Thanh Van about the trend of UK investment in Vietnam if the British nation joins the trade pact.
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With the EU being among the largest importers of Vietnam’s timber products, a fresh decree on legal assurance has marked an important step towards the full implementation of the Forest Law Enforcement, Governance and Trade Voluntary Partnership Agreement between Vietnam and the EU.
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Trade promotion activities have helped Vietnam to not only reach export surpluses throughout most of the last decade but also extend its reach towards 12 times the amount of countries and territories in 2000. Vu Ba Phu, director general of the Trade Promotion Agency under the Ministry of Industry and Trade, discussed with Van Nguyen current bottlenecks that hinder further expansion of trade promotion abroad.
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Vietnam has basically controlled the second Covid-19 outbreak, however, the Vietnamese economy has faced difficulties in implementing the "dual goal" of fighting the pandemic and boosting economic development in the last months of 2020 and 2021. Therefore, it is necessary to make efforts to mobilize and clear motives to restore the economy.
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The ratio of Vietnamese goods imported and used as input materials by foreign countries is decreasing, while the ratio of Vietnam’s import of input materials to produce goods for end-consumption is increasing.
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