EVFTA further broadens market access for Vietnamese farm exports to EU
12:21 | 16/09/2020

VGP – A range of Vietnamese agricultural products are set to enjoy tax incentives brought about by the European Union-Viet Nam Free Trade Agreement (EVFTA).

The EU is one of the leading importers of Vietnamese farm products

Last Friday, the first shrimp consignment from Viet Nam’s Ninh Thuan Province started its long way to several European countries in line with the trade deal which came into effect since August 1, 2020 and will ultimately scrap duties on 99% of all goods traded between the two sides.

On September 16 and 17, first batches of tax-reduced coffee, passion fruits, pomelo, coconut and dragon fruits are set to find way to the EU, according to the Ministry of Agriculture and Rural Development.

The EU is the largest consumer of Vietnamese coffee, making up 40% of the Southeast Asian country’s coffee export volume and helping the country to earn total annual revenue of US$1.2-1.4 billion over last five years. 

In this year’s August alone, the nation’s coffee export value rose by 34.7% from the previous month to nearly US$76 million. 

As 39 geographical indications, including Buon Me Thuot coffee, will be protected by the EU, Vietnamese coffee will enjoy better advantage when competing with rivals in the EU market.    

The trade pact also enables local fruits and vegetables to enjoy a wealth of opportunities to penetrate the EU market as the EU pledged to offer reduction of 94% of 547 tariff lines.

Currently, around 40 Vietnamese fruits are available in 60 nations and territories, in which the EU has become the fourth largest importer of Viet Vietnamese vegetables and fruits. 

Last month, fruit and vegetable exports to the EU were estimated at US$14.7 million, up 25.2% against the previous month. 

In 2019, export of farm-aquatic-forestry products to the EU raked in US$4.6 billion, making the EU the third biggest importer of the local farm products./.

By Thuy Dung

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