Businesses optimise FTA opportunities
Businesses need time to access trade pacts, especially the European-Vietnam Free Trade Agreement (EVFTA) which is expected to bring numerous opportunities and benefits for import-export firms.
Speaking at a press conference in Hanoi on August 20, Head of the International Relations Department under the Ministry of Finance Vu Nhu Thang said 70% of businesses have yet to optimise FTA opportunities.
He mentioned Vietnam’s commitments to export duties and financial services in the EVFTA.
He underlined garment-textile and footwear exports to the EU as Vietnam’s strengths, saying once the EVFTA comes into effect, 80% of the sectors’ products will enjoy a 0% tax rate and the remaining will be applied within seven years.
The EVFTA is considered a comprehensive and high-quality trade pact forecast to benefit the two sides, especially regarding potential Vietnamese industries such as garment-textiles, farm produce and timber products.
The EU is currently one of Vietnam’s key trade partners. Trade has increased considerably between 2012 and 2015, topping US$36.7 billion last year.
Many products imported from the EU have helped Vietnam to develop industry, garment-textiles, footwear and means of transport.
The EU is also a major investor in Vietnam with 24 out of the 28 member countries running 2,000 investment projects worth nearly US$30 billion in the Southeast Asian nation last year.
He mentioned Vietnam’s commitments to export duties and financial services in the EVFTA.
He underlined garment-textile and footwear exports to the EU as Vietnam’s strengths, saying once the EVFTA comes into effect, 80% of the sectors’ products will enjoy a 0% tax rate and the remaining will be applied within seven years.
The EVFTA is considered a comprehensive and high-quality trade pact forecast to benefit the two sides, especially regarding potential Vietnamese industries such as garment-textiles, farm produce and timber products.
The EU is currently one of Vietnam’s key trade partners. Trade has increased considerably between 2012 and 2015, topping US$36.7 billion last year.
Many products imported from the EU have helped Vietnam to develop industry, garment-textiles, footwear and means of transport.
The EU is also a major investor in Vietnam with 24 out of the 28 member countries running 2,000 investment projects worth nearly US$30 billion in the Southeast Asian nation last year.