EVFTA opens door wider for Vietnamese goods to EU

The implementation of the EU-Vietnam Free Trade Agreement (EVFTA), which went into force on August 1, 2020, plays a key role in bringing Vietnamese ago-fishery products into the European market, Trade Counselor in Belgium and the EU Tran Ngoc Quan said.

The diplomat noted that for agricultural products, the tariffs of many items were reduced to 0 per cent immediately when the trade pact took effect or will gradually decrease to the point over a period of 3-5 years, adding this is a significant advantage for Vietnam's farm produce in entering the EU.

EVFTA opens door wider for Vietnamese goods to EU | Business | Vietnam+ (VietnamPlus)
Trade Counselor in Belgium and the EU Tran Ngoc Quan. (Photo: VNA)

About rice, which Vietnam exported 97,000 tonnes to the bloc last year, up 65 per cent from 2021, Quan said the EU imports between 1.7 and 2 million tonnes of the grain on an average annually. The competition in the market is fierce because of the quota and tariff issues.

Vietnam is among the commodities enjoying an EVFTA-induced 0 per cent tariff rate, he stressed.

Quan said the sides’ two-way trade has also grown, signaling a positive development. Exports from the EU to Vietnam in the years 2021-2022 increased by between 20 per cent and 25 per cent. European goods are of high quality and sustainable, thereby helping enhance the value standards of Vietnamese products.

On the EU’s stricter requirements of commodity quality, sustainability, and safety, the diplomat recommended that Vietnam shift from producing a large quantity for a reasonable cost to focusing on sustainable products with value added to better meet EU standards.

According to Quan, his office has continuously updated and disseminated information on the bloc’s regulations to businesses, adding that without immediate preparation, Vietnam could easily miss the opportunities, as it's a competition of not only market access but also quality serving strict standards.

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(Source: VNA)