Vietnam and the European Union (EU) last week signed a landmark free trade deal that will slash tariffs on almost all goods, including wood and timber products.

Insiders have recommended Vietnam pay attention to developing weaving and other production activities supporting the textile-garment sector to make best use of the EVFTA, a freshly-inked free trade agreement with the EU.

Improving corporate governance capacity is a major challenge for businesses, especially small-and-medium sized enterprises when joining the EVFTA, requiring the Government to have policies and mechanisms to facilitate their operation.

Chairwoman of the National Assembly Nguyen Thi Kim Ngan and European Commissioner for Trade Cecilia Malmstrom exchanged ideas related to the signing and ratification of the EU-Viet Nam Free Trade Agreement (EVFTA) 

Prime Minister Nguyen Xuan Phuc witnessed the signing of the Vietnam-EU Free Trade Agreement and the Investment Protection Agreement in Hanoi on June 30.

Japanese companies with abundant expertise in many fields such as banking, insurance, construction, logistics, accounting, graphic design, among others, are expected to have greater opportunities in Vietnam’s market.

The European Council announced on June 25 that it has approved the EVFTA and the EU – Vietnam Investment Protection Agreement (EVIPA), and assigned the EU to sign the deals with Vietnam on June 30 in Hanoi.

Local firms are set to face fierce competition from EU imports thanks to two upcoming agreements between the two sides.

Minister of Labour, Invalids and Social Affairs Dao Ngoc Dung paid a working visit to the EU and Belgium on June 20-21 to speed up the signing of the EU-Vietnam free trade agreement.

New opportunities will come to plastic and packaging producers in Vietnam ready to change their business strategies.

These sectors include two emerging sectors in the form of fintech and e-commerce, and four traditional sectors, including education, green energy, healthcare & pharmaceuticals, transportation & logistics.

Retail is attractive for investors as the industry has advantages after foreign wholly-owned retail firms have been allowed to set up in Vietnam and taxes imposed on most of goods imported from other ASEAN countries to Vietnam are exempted.

The EU-Vietnam Free Trade Agreement (EVFTA) and Industry 4.0 are two significant factors that should be utilized to help guarantee success in the next phase of Vietnam’s development, heard a conference held in Hanoi on March 14.

 VietNamNet Bridge – Deputy Prime Minister and Foreign Minister Pham Binh Minh has affirmed that Vietnam treasures its strategic partnership with Germany - a leading partner of Vietnam in Europe.

VietNamNet Bridge - Investment and goods flowing from Europe to Vietnam have increased greatly as the EU-Vietnam FTA will take effect next year.

 VietNamNet Bridge – Vietnam is striving to have the European Commission’s ‘yellow card’ warning on Vietnamese seafood removed, said Prime Minister Nguyen Xuan Phuc.

Vietnam has free trade agreements with Canada, Japan and Mexico (through CPTPP), and plans to sign an FTA with the EU. These will be advantages in the US - China trade war. 

VietNamNet Bridge - Once the EU-Vietnam FTA (EVFTA) is signed and the tariff is cut to zero percent, textile and garment exports to the market may obtain 7-8 percent growth rate per annum, experts say.

Dr Mai Liem Truc, former deputy minister of Post and Communications, talks to the newspaper Nong thon ngay nay (Countryside Today) about the need to finalise the draft Law on Cyber Security.

When comparing Vietnam’s commitments within the Vietnam-EU free trade agreement (EVFTA) and the Trans Pacific Partnership (TPP) Agreement, businesses see bigger benefits in EVFTA, especially in government procurement.