Mr. Luong Hoang Thai, Director of Multilateral Trade Policy Department (Ministry of Industry and Trade): EVFTA promotes trade, investment and creates new supply chains.
EVFTA is a comprehensive, high quality, balanced agreement of interests for both Vietnam and the EU, and in accordance with the provisions of the World Trade Organization (WTO).
For Vietnam’s exports, as soon as the Agreement comes into effect, the EU will eliminate import duties on about 85.6% of tariff lines, equivalent to 70.3% of Vietnam’s export turnover to the EU.
After 7 years from the date of entry into force of the Agreement, the EU will abolish import duties on 99.2% of tariff lines, equivalent to 99.7% of Vietnam’s export turnover. For the remaining 0.3% of export turnover, the EU commits to give Vietnam a tariff rate quota with import tax in the quota of 0%.
Thus, it can be said that nearly 100% of Vietnam’s export turnover to the EU will be eliminated from the import tax after a short journey. So far, this is the highest level of commitment that a partner gives us in the FTA agreements has been signed. This benefit is especially meaningful when the EU is continuously one of the two largest export markets of Vietnam today.
Research by the Ministry of Planning and Investment shows that if commitments on tariff reduction and non-tariff are fully implemented, Vietnam’s economic growth will be improved in the short, medium and long term. term.
EVFTA is expected to contribute to the GDP increase at an average rate of 2.18 to 3.25% (for the first 5 years of implementation), 4.57-5.30% (for the next 5 years. ) and 7.07-7.72% (for the 5 year period thereafter).
Regarding exports, EVFTA is expected to increase Vietnam’s export turnover to the EU by about 42.7% in 2025 and 44.37% in 2030 compared with the absence of the Agreement.
In general, EVFTA will contribute to diversifying our market so that we do not depend too much on any one market, thereby helping to ensure economic security of Vietnam.
At the same time, the Agreement’s broad and deep commitments on investment will help Vietnam continue to reform its economic structure, improve the institutions and business environment in Vietnam, and facilitate EU investors. business in Vietnam. This will boost FDI inflows from the EU to Vietnam in the coming time.
Mr. Nicolas Audier – President of the European Business Association in Vietnam (EuroCham): “Salvation” for Vietnam and the EU
In the context of trade uncertainty, the EVFTA Agreement is considered a bright spot in the roadmap for Vietnam’s economic recovery. Up to the present time, Vietnam is emerging as one of the successful countries in the fight against the Covid-19 pandemic. Besides, as one of the few countries that are reopening their economy, Vietnam has also become a model for other countries to follow.
In the future, however, Vietnam’s economic growth prospects depend on free, fair and rules-based trade (especially exports) with important world markets. looks like the European Union (EU).
The Free Trade Agreement between Vietnam and the EU (EVFTA) is considered a bright spot in the roadmap for economic recovery in Vietnam. Once ratified and entered into force, the Agreement will eliminate virtually all tariffs, and open up new areas for investment. With a decade-long implementation roadmap, EVFTA will eliminate nearly 99% of tariff lines and trade barriers between Vietnam and the EU.
Thus, the EVFTA Agreement will give Vietnamese businesses the opportunity to “access” the European market, a large market with about 500 million consumers. On the contrary, Vietnamese consumers also have access to European innovative and high quality goods and services. EVFTA also contributes to promoting trade, investment, economic growth of Vietnam and making this country an attractive destination for European investors in Asia.
Mr. Nguyen Van Than, Chairman of Vietnam Association of Small and Medium Enterprises (SMEs): EVFTA brings opportunities along with difficulties and challenges
The opportunities that EVFTA brings will go hand in hand with the difficulties and challenges faced by the implementation of the Enterprise Agreement. Therefore, to take full advantage of the opportunities that the EVFTA Agreement brings, and at the same time strictly enforce EVFTA’s regulations, businesses need to pay attention to have strategies, plans and equipment ready for their development of businesses in new market conditions and commercial context with the EVFTA Agreement
In addition, the Government should accelerate the process of reforming administrative procedures, along with directing the review and improvement of institutions and policies. At the same time, the Government should direct to strengthen the implementation of propaganda about the contents of the Agreement and guide the implementation of the committed contents, the provisions of the EVFTA so that Vietnamese SMEs have a better understanding of the contents of the Agreement. EVFTA Agreement, the aspects businesses can exploit and benefit from the Agreement.
In the coming time, one of the things Vietnamese enterprises need to do immediately is to invest in enhancing the value and quality of products and goods in order to strengthen the competitiveness of products in the EU market. Enterprises need to pay attention to food hygiene issues, to meet the standards and management procedures prescribed by the EU, attach importance to social responsibility, and to make transparent information on labor and production environment, especially ensure rules of origin when exporting to EU.
Cre: tapchitaichinh.vn