Local exports to benefit from FTAs with EU
(VOV) -The impacts of a Vietnam-EU trade deal were discussed at a seminar hosted by the European Trade Policy and Investment Support Project (EU-MUTRAP) in Hanoi on March 7.
The seminar revealed that Vietnam’s exports will increase by 30-40% due to lower tariffs following the EU-Vietnam free trade agreement (EVFTA).
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Minister Counsellor and head of the Trade and Economic Section of the EU delegation to Vietnam, Jean-Jacques Bouflet, emphasised that the EVFTA will help boost investment, improve technology, increase productivity and create more output sources for many production sectors.
The agreement will also protect investors on both sides, he said, adding that the deal is expected to be signed in September 2014.
Accordingly, foreign businesses will consider Vietnam as a production venue to export to EU member countries and their trade partners, he noted.
However, some delegates raised concerns over the EU’s strict requirements on sanitary and phytosanitary (SPS) and technical barriers to trade (TBT).
They suggested Vietnam should gather more consultations before making decisions on these EU regulations while enhancing its capacity to meet new requirements. EU procedures should also be publicised among businesses, they added.
Since June 2012, Vietnam and the EU have finalized six rounds of negotiations on the EVFTA, which will benefit businesses from both sides, especially those getting involved in garment, footwear and seafood sectors.