From the beginning of the year until now, fruit and vegetable exports to China have dropped sharply then exports to other major markets such as the US, South Korea and Thailand back in the opposite direction increases sharply, even with the market increase of more than 200%.
The recent ratification of the EU-Vietnam Free Trade Agreement (EVFTA) by the National Assembly has created a window of opportunity for Vietnamese farm produce, especially rice, to enter the European market. To fully take advantage of the trade deal, however, Vietnamese producers must improve the quality of their produce.
The State should develop solutions to reduce high logistics costs in trading agricultural products to improve the competitiveness of Vietnamese farm produce on the market, according to experts.
The Ministry of Industry and Trade (MoIT) will focus on removing difficulties in industrial sectors in the second half of this year, especially the processing and manufacturing industry, to expand production and business.
Approximately 220 tariff lines of aquatic products with basic tax rates of 0 - 22% are set to be slashed to 0% immediately after the European Union-Vietnam Free Trade Agreement (EVFTA) comes into effect, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
The relationship between Vietnam and the US has grown from former enemies to become trustworthy partners and extremely important for each respective nation, ASEAN, and regional peace and stability, said Ngo Quang Xuan, former Ambassador, Head of the Vietnamese Delegation to the UN and international organisations in Geneva in a recent interview granted to VOV.
Vietnam is among the “brightest” spots in Asia despite the challenge of trying to contain the coronavirus pandemic and its economy is poised to rebound, said Edward Teather, a senior ASEAN economist from the Union Bank of Swizerland (UBS).
Along with solutions aimed at improving the business investment environment, it is necessary to devise plans to attract further social investment, foreign direct investment, and private capital, said Prime Minister Nguyen Xuan Phuc at a meeting of the National Financial and Monetary Policy Advisory Council in Hanoi on July 9.
With the EU-Việt Nam Free Trade Agreement (EVFTA) coming into effect in August and eliminating most tariffs, agriculture, forestry and aquaculture businesses need to be aware of the EU’s stringent regulations, experts have said.
Vietnam exported 409,000 tonnes of rice worth US$207 million in June, increasing the overall six-month export volume and value to nearly 3.5 million tonnes and US$1.71 billion, respectively, according to figures released by the Agro Processing and Market Development Authority (Agrotrade).
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