The historic EU-Vietnam Free Trade Agreement has been in force for nearly two months now. Minister of Agriculture and Rural Development Nguyen Xuan Cuong talked with VIR’s Thu Phuong how the agricultural sector has availed of the deal’s benefits and what suite of measures will come out in the rest of the year to expand the gains and reach annual development targets.
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Enterprises from a number of EU member countries have already made efforts to take full advantage of the EU-Vietnam Free Trade Agreement (EVFTA) and make moves into the Vietnamese market.
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More Singaporean manufacturers are seizing the chance to look for investment opportunities as Vietnam is resuming international flights and is step-by-step opening the market again.
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Increasing agricultural exports to the EU will not only enhance the value of exports but also show Vietnamese products can enter any market in the world. Minister of Agriculture and Rural Development Nguyễn Xuân Cường spoke to Việt Nam News about this issue.
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Despite the ongoing trade tensions between major economies, and the pandemic, supply chain shifts of Japanese investors are still taking place, mostly in the form of specifically targeted production expansions, with Vietnam being one of the prioritised destinations.
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Many large corporations are promoting information inquiry to invest in Vietnam. The most important thing is that Vietnam needs to prepare the necessary conditions to catch this investment inflow.
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As manufacturing in China contracts, Vietnam is experiencing continued and unprecedented growth relative to other low-cost countries. Foreign investors are increasingly choosing Vietnam as a China plus one destination to combat rising costs in China and other unpredictable scenarios, such as trade shocks.
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The government's Decree on the Timber Legality Assurance System of Vietnam is an important step towards the full implementation of the annex with the same title of the EU-Vietnam Voluntary Partnership Agreement (VPA) on Forest Law Enforcement, Governance, and Trade (FLEGT).
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A shortage of raw materials remained an obstacle that needed to be removed if Vietnamese textiles and garments enterprises want to seize export opportunities in the EU under the Việt Nam-EU Free Trade Agreement (EVFTA), according to experts.
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The second recurrence of Covid-19 caused 20% of enterprises participating in the survey to stop operating, 76% could not balance revenue and expenditure, 2% were dissolved, only 2% was temporarily affected by the pandemic, of which 47% of enterprises were forced to decrease their labor force when the pandemic started.
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