Up to 35 percent of European business leaders see administrative procedures as a barrier in the implementation of the European Union - Vietnam Free Trade Agreement (EVFTA), according to the 2021 White Book released recently by the European Chamber of Commerce (EuroCham) in Vietnam.

Illustrative image.

Aliberti said that there is great investment potential from the European Union, especially in high-value sectors.

EuroCham is committed to supporting the Vietnamese Government in setting up a sustainable development roadmap to bring better investment opportunities in the future for the business communities of the two sides, he added.

In early 2021, European business leaders made a positive and optimistic assessment about Vietnam’s trade and investment environment. The Business Climate Index (BCI) of Vietnam reached 73.9 points in the first quarter of this year, the highest score recorded since the third quarter of 2019, before the Covid-19 pandemic hit global trade and investment.

However, the fourth wave of Covid-19 infections in many provinces and cities across the country caused the BCI to drop by nearly 30 points in the second quarter of this year to only 45.8 points.

According to Aliberti, the outbreak of the pandemic led to certain disruptions during the social distancing period in Vietnam and other countries in the region. However, Vietnam has made remarkable reforms to implement the EVFTA such as its efforts related to certification of origin and geographical indications with very specific improvements, he said, adding that this is a very important starting point.

The official said the EU and Vietnam will witness the opening of their markets along with tariff reductions, opening a new wave of trade for the business communities of the two sides in the future. If the two sides cooperate to solve difficulties, the post-pandemic recovery will quickly achieve desirable results, towards a brighter and more prosperous future in the relationship between Vietnam and the EU, he said.

Fruit and vegetable exports increase sharply thanks to FTAs

Since the beginning of the year, Vietnam's fruit and vegetable exports have reached US$1.35 billion, up 9.5% over the same period last year, including many high potential markets.

First batch of Vietnamese rice exported to UK under UKVFTA

The first 60 tonnes of jasmine rice shipped to the UK under the UK-Vietnam Free Trade Agreement (UKVFTA) hit the shelves in London on January 26.

Vietnam, UK should sign FTA asap: Government leader

Vietnam and the UK should sign a bilateral free trade agreement (FTA) as soon as possible to further boost two-way trade, Prime Minister Nguyen Xuan Phuc said when hosting UK Secretary of State for International Trade Elizabeth Truss in Hanoi on December 11.

Bac Giang's agricultural sector implements EVFTA to increase competitiveness for export products

(BGO) –  The European Union-Vietnam Free Trade Agreement (EVFTA) took effective from August 1, 2020. The enforcement of the deal will create favorable conditions for Vietnam’s exports, especially agricultural and fishery products. Taking this opportunity, the agriculture sector of Bac Giang province has developed plans to actively increase competitiveness for export products.

Workshop disseminates EVFTA opportunities for farm produce exports

The Hanoi Promotion Agency (HPA) in coordination with the Export-Import Department under the Ministry of Industry and Trade (MOIT) held a workshop on November 5 to provide businesses with a better insight into the core contents of the EU-Vietnam Free Trade Agreement (EVFTA) in agriculture as well as support mechanisms.

Source: NDO/VNA