Look on one year of EVFTA implementation
MEKSEA.COM – Recently, the Ministry of Foreign Affairs of Vietnam hold an online seminar to look on one year of EVFTA implementation.
Through the seminar, the representative of Vietnam emphasized the importance of the Vietnam-EU Comprehensive Partnership and Cooperation. This contributes to creating new impetus for the Vietnam-EU relationship and opening up new avenues for extensive cooperation opportunities. Moreover, this contributes to promoting trade activities and connecting investment for the business community and people.
After the first year of implementing the agreement, the two-way trade turnover between Vietnam and the EU has grown sustainably. Currently, many Vietnamese businesses took advantage of EVFTA tariff incentives. Therefore, Vietnam’s export turnover to the EU market using CO form EUR.1 relatively high rate, approximately 8 billion USD.
Now many seafood businesses in Vietnam take advantage of EVFTA tariff incentives. (photo: internet)
In September 2021, the total two-way turnover Vietnam-EU reached 41.29 billion USD, up 13.4% over the same period in 2020. In which, Vietnam’s exports reached 28.85 billion USD, up 11. 7%. The result is a potential sign of the Vietnamese economy in the context of the Covid-19 outbreak.
Besides bright spots, Vietnamese firms have still faced many difficulties in making full use of the deal.
In the seminar, the representative of the Ministry of Foreign Affairs of Vietnam, associations and businesses in the EU assessed the actual situation of the implementation of the agreement. Furthermore, they clarified difficulties to propose solutions. Aim to strengthen the connection of ministries, associations and businesses.
Moreover, through the online seminar, ambassadors and trade counselors in European countries provided a lot of useful information about EU markets. Which includes consumption trends in some EU countries, and trade promotion events. The EVFTA agreement is a new opportunity for Vietnam’s import-export industry. Especially in the field of seafood export as an opportunity for institutional reform, transparency, improvement of the business and investment environment, and restructuring of goods towards the export of value-added products.
In conclusion, the EVFTA is one of the trade deals of Vietnam with the highest ratio of efficiency in the first year.
In the coming time, the Ministry of Foreign Affairs of Vietnam and Vietnamese Diplomatic Missions in the EU will continue to assist in the effective implementation of the Agreement EVFTA and implement the country’s integration strategy in the new period.
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By Hayati (Meksea Team)
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