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Update news EVFTA
Though the EU-Vietnam Free Trade Agreement will remove import tariffs for many export items into the EU, costs for access to this market are set to increase in addition to strict rules of origin.
Commitments outlined in the EVFTA on both trade and investment are expected to contribute to attracting European businesses and investors to expand their activities in Vietnam, further promoting trade and investment cooperation.
Vietnamese exports to the EU in 2022 are expected to touch nearly $48 billion thanks to the strong driving force of the EU-Vietnam Free Trade Agreement (EVFTA).
Since the EVFTA came into effect on August 1, 2020, Vietnam's two-way trade turnover has achieved impressive growth, despite the severe impact of the COVID-19 pandemic, logistics and supply chain crisis, and geopolitical fluctuations.
Four out of every 10 Vietnamese businesses have gained some benefits, including in import-export, from the Vietnam-EU Free Trade Agreement (EVFTA), according to a survey of the Vietnam Chamber of Commerce and Industry (VCCI).
The EU-Vietnam Free Trade Agreement (EVFTA) officially took effect more than two years ago, and bilateral trade has grown considerably ever since.
The implementation of the Vietnam - EU Free Trade Agreement (EVFTA) has greatly contributed to raising two-way trade turnover between Vietnam and Poland to over US$1 billion since the beginning of the year.
After two years of enforcement, the EU - Vietnam Free Trade Agreement (EVFTA) has generated initial results, but rising inflation in the EU and the euro depreciation are affecting Vietnamese firms, requiring urgent solutions to those difficulties.
The EU-Vietnam Free Trade Agreement (EVFTA) and the Investment Protection Agreement (IPA) are the most ambitious agreements in terms of market access, rules and values that the EU has ever signed with a developing country like Vietnam.
New records in export turnover were set by key export items for January, making the annual target of $50 billion worth of farm exports feasible.
Prime Minister Pham Minh Chinh hosted a reception for visiting Executive Vice President of the European Commission (EC) Frans Timmermans in Hanoi on February 18.
In strong signals of EU interest in Vietnam over the past few months, a batch of leading companies has signed deals to purchase businesses and expand their merger and acquisition footprint.
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.
The leadership of European Union enterprises in Vietnam has become more optimistic about Vietnam’s business environment after the social distancing has ended, and commerce and investment have begun the “new normal.”
The Vietnam-EU Trade Forum is expected to take place on October 27 in Hanoi.
The Government has reported to the National Assembly about the implementation of EVFTA (EU-Vietnam FTA) over the last year.
Vietnam has taken various measures in a bid to protect the interest of Vietnamese products and exporters in the EU markets, according to the Trade Remedies Authority of Vietnam under the Ministry of Industry and Trade (MoIT).
Europe is a large market for Vietnamese goods, but businesses need to grasp its quality standards and consumption trends so as to fully capitalse on this market, heard an online workshop held on July 7.
Driven by the EU-Vietnam Free Trade Agreement, investment from the bloc into Vietnam has moved in a positive direction over the past year, with bright prospects ahead on the back of the EU-Vietnam Investment Protection Agreement coming into force.
Vietnam exported a total of 4.88 million tonnes of iron and steel worth US$3.61 billion during the five months of the year, with China emerging as the largest buyer, according to the General Department of Vietnam Customs.