Forum disseminates EVFTA to businesses

A trade forum

Gathering 300 delegates from businesses, associations, ministries, branches and southern localities, the event, entitled “EVFTA: New horizon for extensive and comprehensive cooperation”, aimed to equip Vietnamese companies with useful information related to EVFTA and the EU market.

The businesses were also updated on the EU’s policies in trade activities, such as the application of technical measures to Viet Nam’s exports, as well as warnings and analyses concerning the market’s impacts on export activities, thus allowing them to build long-term strategies in accessing and utilizing opportunities to export their goods to the EU market. 

Participants at the forum affirmed that the EU is the second largest export partner of Viet Nam. The commodities, including textile, garment, footwear, mobile phones, computers and farm produce, are considered the Southeast Asian country’s strength exports to the markets of EU member states. 

Through the signing of EVFTA and the EU-Viet Nam Investment Protection Agreement (EVIPA) in late June, the trade barriers between Viet Nam and EU nations will be removed, thereby creating more chances to accelerate exports and expand consumption markets between the two sides.

According to the MOIT statistics, two-way trade between Viet Nam and the EU has increased roughly 13-fold over the past 18 years, from US$4.1 billion in 2000 to US$55.84 billion in 2018. Viet Nam exported nearly US$41.9 billion worth of products to the EU and imported over US$13.9 billion worth of commodities from the bloc. Regarding direct investment, as of June 2019, 27 EU member countries and territories were making investments in Viet Nam with 3,205 projects worth US$53.1 billion.

  By Vien Nhu