He emphasised that Vietnam has signed 13 free trade agreements (FTAs) but one of the country’s greatest shortcomings is that local businesses have limited awareness about these deals and have failed to take advantage of the opportunities they present.

PM Nguyen Xuan Phuc speaks at the video conference.

Many bodies have been slow in preparing relevant legal documents, while overlaps in enforcement guidance are hampering businesses, he noted.

He highlighted the importance of communications on international economic integration in general and FTAs in particular, as well as improvements in human resources.

Noting that the requirement on sustainable development is an important part of the EVFTA, the PM said there are higher standards on increasing economic efficiency and stricter requirements on social responsibility, labour, employment, and environmental protection.

He also recalled the technical assistance offered to Vietnam by President of the European Commission Ursula von der Leyen during their phone call on July 29, saying that this represents valuable support for the country.

The Vietnamese Government has adopted a plan of action with five groups of missions and 41 specific tasks for ministries, sectors, localities and the business community, he said, requiring proactive implementation by all concerned parties.

According to a survey conducted by the Ministry of Planning and Investment, in normal circumstances the agreement can help Vietnam’s GDP increase by 3.2% in the first five years, by 5.3% in the next five years, and by up to 7.72% in the subsequent five-year period.

With the EU’s commitment to remove nearly 100% of import tariffs, the EVFTA is expected to help Vietnam’s export turnover to the bloc rise 42% by 2025 and nearly 45% by 2030.

The agreement was signed by both sides on June 30, 2019, and officially came into effect on August 1, 2020.

EVFTA good opportunity for Indian investors in Vietnam

The EU-Vietnam Free Trade Agreement is a good opportunity for Indian investors, in Vietnam, Vietnamese Ambassador to India Nguyen Sanh Chau said at an online conference on June 12.

EVFTA hoped to take effect on August 1

Minister of Industry and Trade Tran Tuan Anh and EU Trade Commissioner Phil Hogan reached consensus on the point of time for the EU-Vietnam Free Trade Agreement (EVFTA) to take effect, during their phone talks on June 8.

EVFTA, EVIPA approved to boost VN-EU economic, trade relations

National Assembly deputies officially ratified the Europe-Vietnam Free Trade Agreement (EVFTA) and the Europe-Vietnam Investment Protection Agreement (EVIPA) on Monday morning.

EU completes procedures for EVFTA to take effect

In his recent phone talks with European Commissioner for Trade Phil Hogan, Minister of Industry and Trade Tran Tuan Anh exchanged views on a number of issues related to the European Union – Vietnam Free Trade Agreement (EVFTA) and bilateral cooperation and trade in the context of the raging Covid-19 pandemic.

Ministry implements procedures for EVFTA ratification

The Ministry of Industry and Trade has been coordinating with relevant ministries and departments to complete all necessary procedures for the ratification of the EU-Vietnam Free Trade Agreement (EVFTA).

Source: NDO