Following its recent ratification by the National Assembly, the EVFTA is expected to present a window of opportunity for local seafood businesses to accelerate their exports as we move into the post-novel coronavirus period, according to the Vietnam Association of Seafood Exporters and Producers.
With both the EVFTA and EVIPA being adopted by the Vietnam National Assembly, many local firms have pinned their hopes on capitalising on the opportunity to expand into a new export market and develop production.
With the ratification of the European Union-Vietnam Free Trade Agreement (EVFTA) and the European Union Investment Protection Agreement (EVIPA), Chairman of EuroCham in Vietnam Nicolas Audier said that this will usher in a new era with increased investment and trade.
Not only deceleration, due to the impact of the Covid-19 pandemic, many partners cut orders, so exports of Vietnam increasingly faced difficulties in the second quarter of 2020.
The latest preliminary statistics of the General Department of Customs show that the total value of Vietnam's exports and imports in May (from May 1-15) reached US$17.39 billion, down 4.7% (equivalent to US$856 million) compared to the second half of April 2020.
In order for Vietnamese goods that are exported to the EU to enjoy preferential tariffs in the EVFTA, businesses must obtain a thorough grasp of the provisions set out in the trade deal which stipulate very strict requirements regarding the origin of products, according to insiders.
The National Assembly (NA) on Monday ratified Convention 105 on Abolition of Forced Labour with 94.82 per cent of NA deputies in agreement.
National Assembly deputies officially ratified the Europe-Vietnam Free Trade Agreement (EVFTA) and the Europe-Vietnam Investment Protection Agreement (EVIPA) on Monday morning.
Vietnam’s small- and medium-sized enterprises (SMEs) received updates on the latest information relating to the EU-Vietnam Free Trade Agreement (EVFTA) at an online conference held by the Ministry of Industry and Trade (MoIT) and the Vietnam Association of Small and Medium Enterprises (VINASME) on June 5.
After a fall of more than 1.6% in April, exports of the foreign direct investment sector (FDI) in May 2020 continued to see a deep fall of 5.7%.
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