return icon

EVFTA to create new opportunities for Vietnam: official

Once the EU-Vietnam Free Trade Agreement (EVFTA) takes effect, over 99 percent of tariff on goods from both sides will be lifted, a Vietnamese official has said.

Nguyen Canh Cuong, Vietnamese trade counsellor in Belgium and the European Union 


In an interview granted to the Vietnam News Agency (VNA), NguyenCanh Cuong, Vietnamese trade counsellor inBelgium and the European Union, pointed out that apart from garment-textilesand footwear that account for over 10 percent of the market share in the EU,other Vietnamese products make up only from 3 percent to 5 percent of themarket share.

Thanks to the deal, Vietnamese consumers will have more options,he said, adding that products of Vietnam and the EU are supplementary.

Besides, investors from other countries will have to compete with thosefrom Europe in the Vietnamese market, and such competition would benefit thelocal economy, Cuong noted.

The EVFTA and the EU-Vietnam Investment Promotion Agreement(EVIPA), which are set to be signed in Hanoi on June 30, will offer moreopportunities to European enterprises to access the Vietnamese market withtheir rights and interests protected better.

They, together with Vietnamese firms, will create new production capacityand competitive edge, he stressed.

Moreover, domestic businesses will have more chances to accessEuropean technologies, standards and management methods to raise productivity,quality and competitiveness.

The trade pact will also enable Vietnam to step up the export oftra fish and shrimp to the EU in the time ahead, he said, mentioning someVietnamese firms’ plan to ship chicken to the market.

This would be a good direction as the EU has great demand forchicken. However, the businesses should invest in material facilities to meetregulations on food safety and hygiene, Cuong said.

He warned that the EU may issue stricter regulations on foodsafety in the future and urged Vietnamese firms to prepare for that.

European partners can transfer technologies or inject investmentsto help agricultural producers in developing countries to satisfy food safetyrequirements set by the EU, according to the official.

Vietnamese businesses, especially small-and medium-sizedenterprises, should set up partnerships with EU enterprises on the basis oftrust and friendliness, he suggested.-VNA



Some businesses are still paying high dividends

While many enterprises are facing difficulties, some plan to spend trillions of VND to pay dividends and buy treasury stocks.

Vietnamese box office smash to premier in Australia

According to Box Office Vietnam, The Girl from the Past has generated revenue of VND53 billion (US$2.2 million) after debuting in Vietnamese cinemas.

French Senate President arrives in Hanoi, beginning official visit to Vietnam

French Senate President Gérard Larcher arrived in Hanoi on December 8 morning, beginning an official visit to Vietnam at the invitation of National Assembly Chairman Vuong Dinh Hue.

Vietnamese film to compete at Golden Globe Awards

“Dem Toi Ruc Ro”, known as “The Brilliant Darkness” in English, a movie on domestic violence by American director Aaron Toronto, features in this year’s list of Golden Globe Awards’ nominees.

PM attends inauguration of Vietnam International Defence Expo 2022

Prime Minister Pham Minh Chinh and military officers pressed buttons inaugurating the Vietnam International Defence Expo 2022 at Gia Lam airbase in Hanoi on December 8.

PM’s trip to elevate Vietnam – EU to new height: diplomat

Prime Minister Pham Minh Chinh’s trip to attend an ASEAN-EU Commemorative Summit and visit Luxembourg, the Netherlands, and Belgium from December 9 to 15 is expected to promote and lift the Vietnam-EU cooperation to a new height.

Money borrowers face black credit traps on online lending apps

A lot of money borrowers have been recently cheated on online lending applications which seem to ask for simple procedures at first but then claim cut-throat interest rates.

Young scientist becomes first Vietnamese awarded by UK Royal Aeronautical Society

With the Young Persons’ Achievement Award, Dr. Nguyen Huyen Duc has become the first Vietnamese scientist to receive the prize from the UK’s Royal Aeronautical Society (RAeS).

Revelations of an e-cigarette seller

After exchanging text messages via social media, VietNamNet’s reporter, who acted as an e-cigarette buyer, decided to meet the seller and discovered many things that made him shiver.

Vietnam’s fruits enter choosy markets

In the domestic market, a red-flesh pomelo is priced at VND23,000-45,000/kg. In the US, it is VND535,000 per kilogram.

Vietnam imports nearly US$190 million of pork in Jan-Oct

Vietnam had imported 89,000 tons of pork products worth US$189.02 million in the year to October, contracting over 34% in volume and nearly 40% in value year-on-year, according to the Foreign Trade Agency under the Ministry of Industry and Trade.

Over VND9.6 trillion proposed for upgrading HCMC’s polluted canal

The HCMC People’s Committee has proposed investing over VND9.6 trillion in the Xuyen Tam Canal upgrade project at a meeting this morning, December 7, according to the local media.

Agencies write laws to help SMEs but lack information about the businesses

Some content needs to be more clearly quantified to better assess the effectiveness of these activities and the feasibility of regulations on SMEs.

‘Glorious ashes’ spark little hope for Vietnam’s cinema

‘Glorious ashes’ hit the screen when the audience became too discouraged about the  appearance of local movies with low revenue.

Foreign investors arrive, industrial real estate benefits

Industrial Zone (IZ) developers are pocketing big money as Vietnam is welcoming new foreign investors.