EVFTA presents opportunities for Viet Nam-Germany trade: Seminar
Enterprises at a seminar in Ha Noi on December 14 were informed about business opportunities in Germany offered by the EU-Viet Nam Free Trade Agreement (EVFTA).
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| Trade between Viet Nam and Germany increased from 5.6 billion USD in 2011 when the two countries set up their strategic partnership to 10 billion USD last year. (Photo: VNA) |
The seminar on promoting trade between Viet Nam and Germany through the EVFTA was jointly held by the Viet Nam Chamber of Commerce and Industry (VCCI) and the Friedrich Naumann Foundation for Freedom (FNF) - Viet Nam.
Germany was the second biggest buyer of Vietnamese goods in the European Union (EU) and the seventh biggest in the world last year. Germany was also the second largest goods supplier of Viet Nam in the EU, and the 14th biggest in the world.
VCCI Vice Chairman Hoang Quang Phong said trade between Viet Nam and Germany increased from 5.6 billion USD in 2011 when the two countries set up their strategic partnership to 10 billion USD last year.
The EVFTA is expected to create breakthroughs in bilateral trade ties, as the agreement removes up to 99.2 percent of tariff lines for Vietnamese goods to Germany after seven years since it came into force and 98.3 percent of tariff lines for German products imported into the Vietnamese market after 10 years.
The deal also includes many other commitments regarding customs, sanitary and phytosanitary measures, technical barriers, trade remedies, e-commerce, intellectual property and public procurement, which help to establish standards and principles facilitating the penetration of Vietnamese and German goods into each other's markets.
Phong suggested Vietnamese firms study commitments by both Viet Nam and Germany in the EVFTA, saying exporters and importers should scope out the markets and learn about relevant regulations.
On this occasion, VCCI introduced a manual guiding businesses how to make use of the EVFTA to boost export and import between Viet Nam and Germany, and a news site on the Viet Nam-Germany trade.
According to Pham Hung Tien, Deputy Director of FNF Viet Nam, German firms are interested in electricity and wind power development projects in the central provinces of Binh Thuan and Ninh Thuan, along with personnel training in Viet Nam.
He also pointed out the potential for bilateral cooperation in the auto and the assembly industries.
(Source: VNA)
