return icon

EVFTA outpaces CPTPP in preference utilisation rate

The utilisation rate of tax incentives set out in the EU-Vietnam Free Trade Agreement (EVFTA) during Q1 soared by over 32%, representing a four-fold rise compared to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

evfta outpaces cptpp in preference utilisation rate picture 1

Statistics compiled by the Ministry of Industry and Trade (MoIT) indicate that the export turnover of goods to the EU last year saw an increase of 14.2% to reach US$40.12 billion against 2020, while export turnover to the demanding market throughout the first half of the year also inched up by 22.6% to US$23.82 billion compared to 2021.

Luong Hoang Thai, director of the Multilateral Trade Policy Department under the MoIT, emphasised that these developments represent positive signs, despite the fact that the local economy has been significantly impacted by the COVID-19 pandemic.

Thai assessed that the group of goods that have remarkably maximised relevant tax incentives under the EVFTA include coffee, up over 62%, pepper, up more than 81%, seafood up over 22%, and rice by over 40%.

Notably, the iron and steel sector has been active in making the most use of the trade deal, with its exports to the EU market witnessing an eight-fold rise to nearly US$2 billion last year.

More importantly, the export structure of agricultural products has shifted to higher added value items. For example, the average export price of rice in the EU market has doubled compared to other markets.

Nguyen Thi Thu Trang, director of the WTO and Integration Centre under the Vietnam Chamber of Commerce and Industry (VCCI), said Vietnam has exerted great efforts in order to fine-tune the legal system in a way to effectively implement the agreement in line with international practices and norms.

Despite positive results recorded three years on from the enforcement of the trade deal, Thai underscored the importance of standardising production activities as a way of meeting the stringent requirements set by EU importers.

Furthermore, local firms have been advised to keep up with new consumption trends, with a specific focus on green and organic products that meet labour and environmental standards in order to further accelerate exports to the market.

Source: VOV


Nearly 3,000 IP addresses in Vietnam linked with data leak

About 10,000 computer users in Vietnam are using unsafe operating systems, and nearly 3,000 internet protocol (IP) addresses have been linked with data leaks, the National Cyber Security Centre (NCSC) said on September 26.

Vietnamese President, Japanese PM hold talks in Tokyo

President Nguyen Xuan Phuc had talks with Japanese Prime Minister Kishida Fumio in Tokyo on September 26 as part of his stay in Japan to attend the state funeral for former PM Abe Shinzo.

How can Vietnam renovate industry?

“Vietnamese are proud of their intelligence. But why can’t we renovate industry to improve competitiveness?” entrepreneur Mai Huu Tin said. He hopes that one day, Vietnamese businesses will take over large automobile manufacturers of the world.

Quang Ninh prepares path for growth

With similar policies, the localities that "dare to think and dare to do" will develop more strongly. One example is Quang Ninh province.

Young scientists honoured for their work on national security

Never in their wildest dreams did IT engineers Chu Quang Khanh and Pham Duong Nam ever imagine that they would be on the stage receiving an award for their work on national security.

Fashion shows to spread quintessence of Vietnamese culture and heritage

The series is the brainchild of former supermodel Ha Vy and director Hoang Cong Cuong, who is the mastermind of several big events in Vietnam including the opening ceremony of the Southeast Asian Games (SEA Games) 31 in Hanoi in May.

Low-carbon rice production helps Vietnam meet emission target

Rice, which is Vietnam’s most important crop and grown on more than half of its agricultural land area, accounts for 48 per cent of the agriculture sector’s GHG emissions and over 75 per cent of methane emissions.


Number of air passengers down 14% in September

Vietnam needs highly skilled labour force to compete

The vocational training system of Vietnam needs reforming to create highly-skilled human resources that meet the requirements of the labour market in increasingly integrated international market, experts said.

Lengthy visa process a setback for FDI firms

The visa process does not always go smoothly. Sometimes, it moves so slowly that some specialists cannot enter Vietnam on schedule, leading to production disruptions.

Petrol and oil price stabilisation fund requires thorough appraisal

The Government needs to carefully evaluate the effectiveness of the petrol and oil price stabilisation fund in keeping the commodity’s retail prices stable before deciding to maintain or eliminate the tool, experts said.

Embedded finance the next big thing: summit

Embedded finance is the next big thing in the financial services industry as it has integrated seamlessly into the local fintech landscape in recent years, experts said at a meeting last Friday in HCM City.

Entertainment and cultural events of the week (September 26-October 2)

Upcoming entertainment and cultural events in Vietnam's major cities on September 26-October 2.


PM orders urgent measures against Storm Noru

Beauties wow in traditional costume contest at Miss Grand Vietnam

Vietnamese beauties boasted of their charm in a traditional costume segment of the ongoing Miss Grand Vietnam 2022 taking place on September 23.