With the European â€“ Viá»‡tnam Free Trade Agreement (EVFTA) coming into force from 2018, its benefits will not only limit to tariffs, but it would also contribute to eliminating other trade barriers and benefit member countries, according to Claudio Dordi, EU-MUTRAP Project team leader.
The EU will eliminate import duties on approximately 85.6 percent of its tariffs lines on Vietnamese products. After seven years, 99 per cent of EU tariffs will be removed for Vietnamese products. Vietnamese textiles, footwear, and seafood products will incur no import duties within seven years after the agreement takes effect.
Viá»‡tnam will eliminate 65 percent of its import duties on EU items and has drawn up a roadmap to eliminate tariffs (over 99 per cent) over 10 years. The remaining export items will be offered tariff quotas with an import duty of zero per cent.
The EVFTA would promote the flow of high-quality investments from the EU into the country with commitments on goods and services market access, the opening of Government procurement, investment policies and policy transparency.
EVFTA will also connect Viá»‡tnam - one of ASEANâ€™s most dynamic manufacturing hubs with the EU â€“ one of the world biggest markets with GDP of over US$18 trillion, accounting for 22 percent of the worldâ€™s total GDP and a population of over 500 million people.
The event, jointly held by EuroCham, Viá»‡tnam Chamber of Commerce and Industryâ€™s Háº£i PhÃ²ng branch, and Deep C Industrial Zone, attracted more than 80 representatives from companies in the city, HÃ Ná»™i and from EU countriesâ€™ embassies in Viá»‡tnam. The seminar therefore gave audiences an insight into changes in trading regulations, market access, regional implications and expectations from the European business community in Viá»‡tnam.
Miriam Garcia Ferrer, head of the trade section of the EU Delegation in Viá»‡tnam said that EU is a common market with 28 member countries and 508 million people. Goods imported into the EU would have to meet strict standards. However, once the country meets the standards, goods will be able to access all EU member markets.
The EU is currently Viá»‡tnamâ€™s second biggest export market and Viá»‡t Nam is EUâ€™s 11th biggest source of import. About 900 European enterprises have invested in Viá»‡t Nam, making it the destination in South East Asia with the largest European business community.
This relationship has huge potential for improvement under this important agreement. It can open for European exporters markets that have FTAs with ASEAN but not with the EU, such as China, India and Australia. Rules of origin are challenges but also opportunities. They give extra incentives to attract supporting industries into Viá»‡tnam, improving the supply chain and localization rates.
Realizing this trend, Deep C Industrial Zones also organised a tour of the industrial zone to give investors an idea how it actually works on the field and the development pace of the city with the upcoming Láº¡ch Huyá»‡n Deep Sea Port. Opportunities and challenges are there for players who are poised to take them.
Viá»‡tnam in the past few years has been one of the most active players in negotiating and implementing free trade agreements, emphasizing its privileged position and potential in becoming the worldâ€™s manufacturing and trading hub.
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