return icon Vietnamnet.vn

Four out of 10 Vietnamese businesses benefit from EVFTA: VCCI survey

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).
Four out of 10 Vietnamese businesses benefit from EVFTA: VCCI survey hinh anh 1
Processing canned pineapple at the factory of An Giang Agriculture and Foods Import Export Joint Stock Company. (Photo: VNA)
However, it also means that six other businesses have not gained any benefit, direct or indirect, from the pact, which came into effect more than two years ago.

Furthermore, despite an increase in Vietnam’s export value to the EU, the market’s share in Vietnam’s total export has gradually shrank, from 19-20% ten years ago to less than 12% in 2021.

The growth rate of exports to EU has always been lower than the average growth of Vietnam’s exports.

The issue was the focus of attention at the conference in Hanoi on November 18.
 
Ngo Chung Khanh, Deputy Director of the Multilateral Trade Policy Department under the Ministry of Industry and Trade (MoIT), said there are few Vietnamese brands able to make inroad into the EU market.

He noted that the share of many strategic exports of Vietnam in the EU market remains small, for example 2-3% for fruit and vegetables, over 4% for aquatic products and textile-garment.

Khanh again stressed the need to further popularise the EVFTA among Vietnamese businesses.

According to him, the MoIT is working with localities nationwide to pinpoint the strategic exports of each locality and build plans to support the export of those products to the EU.

The ministry expects to coordinate closely with other ministries, sectors, local administrations, trade associations, and businesses to exploit to the fullest the benefits of the EVFTA, Khanh said.  

The EU is the third largest export market of Vietnam, with bilateral trade constantly growing even during the COVID-19 pandemic. The value of Vietnam’s export to EU in the period from August 2020 to July 2022 totalled 83.4 billion USD, averaging 41.7 billion USD a year, up 24% from the average yearly growth in the 2016-2019 period.

However, Vietnamese goods still account for less than 2% of the EU market./. VNA

MORE NEWS

Vietnam's steel industry to gradually recover in 2023

Domestic steel demand is expected to keep falling due to the property market slump and tightened monetary policy, economic downturn in many export markets and a rise in supply making the outlook for the industry in 2023 poor, analysts said.

Railway network aims to turn tide against low-cost airlines, cars with improved service

The railway industry is striving to regain its past glory after decades of struggling to compete with low-cost airlines and flexible car transport.

HCM City to pilot issuance of electronic civil status records

The HCM City Department of Justice has proposed the Ministry of Justice pilot the issuance of electronic civil status records instead of a paper version as part of efforts to enhance satisfaction with civil status registration.

Spiritual sites to visit in spring around Hanoi

Some of our recommendations might be the perfect place for you and your loved ones to spend the spring.

Huong Pagoda crowded on the first day of spring festival 2023

Despite the cold weather, thousands of people flocked to the Huong (Perfume) Pagoda Festival in Huong Son commune, Hanoi’s outlying district of My Duc on the opening day to celebrate the new year.

Data centers: Vietnam's bright spot

Under the impact of Covid-19, many activities have moved to online platforms and amount of data uploaded has been increasing.

More Vietnamese scientists returning to home country

More Vietnamese scientists decided to return to the country with a desire to devote themselves to their homeland’s growth.

Hoang to defend WBA belt in hometown next month

Truong Dinh Hoang announced the bout on his Facebook page on February 26, though the challenger has yet to be named.

Sea tourism and expectations for a 'made in Vietnam' fleet

The number of cruise tourists accounts for only 2-3% of the total number of international visitors to Vietnam.

Hanoi’s tourism sector rakes in over VND1 trillion during Tet holiday

The capital expects to welcome roughly 332,000 visitors, including 32,000 international guests, during the Lunar New Year holiday from January 21 to January 26, with total revenue anticipated to reach more than VND1 trillion.

Stone lion statues - Symbol of stone sculpture art of Ly Dynasty

According to Buddhism, lion is the embodiment of intellectual power, but with stars on the body, the stone lions of the Ba Tam pagoda-temple also have the meaning of carrying the moving sky.

Vietnam's retail market predicted to bustle in 2023

Although 2023 is forecast to see many difficulties, experts expect this is a recovery year of the retail sector after COVID-19 pandemic as there are many signs showing the return of investors and higher demands.

Vietnam's leather and footwear industry targets US$27 billion in 2023 exports

The leather and footwear industry is striving to reach US$27 billion in export turnover in 2023, an increase of about 10% compared to one year earlier amid shrinking major markets and falling demand.

Discovering artisans' skills in Thanh Ha ancient pottery village

If pottery villages now mainly use molds, artisans in the Thanh Ha ancient pottery village in Hoi An city, Quang Nam, have kept their traditional method of making pottery - hand made and wheel thrown.

Destinations across Vietnam report surges in holiday-maker numbers during Tet

Tourist attractions across Vietnam have lured large numbers of holiday-markers during the week-long Lunar New Year (Tet) festival from January 20-26.
back_to_top