Evfta

Complying with frameworks However, while EU companies will directly benefit from significant tariff eliminations, Vietnamese firms will have to navigate between different preferential tariff frameworks in place for some time. EU tariffs for Vietnamese exports are already under the Generalised Scheme of Preferences (GSP) which offers already partial or full removal of customs duties on two-thirds of tariff lines. … [Read more...] about EVFTA – for a mutual future beyond tariff elimination

Ninh Thuan (VNA) – The export of the first batch of frozen shrimp to several European countries under the EU-Vietnam Free Trade Agreement (EVFTA) was marked with a ceremony in the south central province of Ninh Thuan on September 11. Deputy Minister of Agriculture and Rural Development Phung Duc Tien said tariff removal under the EVFTA is expected to create big opportunities for Vietnam’s aquatic product exports. Accordingly, the EU is set to eliminate tariffs on 86.5 percent of Vietnam’s aquatic product exports in three years, 90.3 percent in five years, and 100 percent in seven years, he said, noting that to take this advantage, orders for Vietnamese aquatic products since the beginning of August has increased by around 10 percent compared to July. Tien added the EVFTA, taking effect on August 1, promises a bright prospect for shrimp exports to the EU in the remaining months of 2020. In July, Vietnam earned 54.2 million USD from shrimp exports to the EU, up 2 … [Read more...] about Vietnam exports first batch of shrimp to EU under EVFTA

Hanoi (VNA) – Benefits generated by the EU-Vietnam Free Trade Agreement (EVFTA) and challenges to Dutch investors in Vietnam are among the topics discussed at a virtual forum on September 9. The event was jointly held by the Vietnamese Ministry of Industry and Trade (MoIT), and the Confederation of Netherlands Industry and Employers (VNO-NCW). Deputy Minister of Industry and Trade Hoang Quoc Vuong highlighted the strong developments of the Vietnam-Netherlands trade and investment ties over the past time, and proposed ways to step up the links through optimising advantages of the EVFTA. Lawyer Joost Vrancken Peeters, Chairman of the Netherlands Vietnam Chamber of Commerce, briefed the participants on the deal and outcomes of an online study on the demand for investment movement and supply diversification of investors from the Netherlands and the EU. The forum focused on issues regarding production, manufacturing, export-import, logistics, customs, visa and human resources. … [Read more...] about EVFTA: Opportunity for Vietnam-Netherlands trade cooperation

The growth in July signals improvement in the months to come. In the first half of August, the country exported US$29.4 million worth of shrimp to the EU, surging by 26% compared with the same period last year. August's shrimp exports to the EU would increase by up to 20% year-on-year. … [Read more...] about Vietnam’s shrimp exports to EU grow thanks to EVFTA

The EVFTA fully covers FDI from the EU. Without integration into GVCs, the growth in trade will be limited at some stage. In this context, the biggest challenge will be whether the business communities of Vietnam and the EU can fully reap the benefits of the EVFTA. Already today, the added value – which is basically the wealth that remains in Vietnam – is higher from EU FDI created exports than from other investors. … [Read more...] about Investing in people to avail of EU’s tech advances