Quality is key to North Europe market, businesses told
Product quality is the key to the North Europe market, including Finland, trade experts told businesses at a recent workshop in Ho Chi Minh City.
In addition, it is advisable for Vietnamese businesses to make full use of the EU’s Generalised System of Preferences (GSP), as most domestic exporters lack through understanding about the system.
The workshop was held on July 3 by the Vietnam Chamber of Commerce and Industry (VCCI), the Finnish Embassy in Vietnam, and the Finnish Ministry of Foreign Affairs’ Finnpartnership programme, with the goal to promote trade between Vietnam and Northern Europe.
Bilateral trade between Vietnam and Northern European has yet exceeded US$1 billion and there remain shortcomings in the trade promotion activities among the stakeholders.
According to Nguyen Tan Hai, Deputy head of the VCCI’s Department of International Relations, Northern European countries have great potential for Vietnamese exports, as they have big demands for farm and aquatic produce.
Le Ky Anh, Economics and Trade Officer of the Delegation of the EU to Vietnam, said however, these countries, including Finland, are choosy markets with many strict demands for quality, food safety and hygiene, together with environmental protection and green growth standards, including those related to the use of female or children workers.
He stressed that businesses should be more proactive in improve their product quality and market study.
Deputy head of the Economics and Trade Section at the Delegation of the EU to Vietnam Jana Herceg said the up-and-coming Free Trade Agreement (FTA) between the EU and Vietnam is expected to exert strong impacts not only on trade but also on foreign investment attraction, technological transfer, economic reform and restructuring.
In order to optimize the benefits of the deal, Vietnam should make good preparation and specific strategies to integrate into the global economy, she recommended.
The two sides have recently concluded the 7th round of negotiation on the bilateral FTA with commitments reached on many key issues.
Under the Vietnam-EU trade pact, 95% of the tax line would be reduced while a free trade zone would be established.
The workshop was held on July 3 by the Vietnam Chamber of Commerce and Industry (VCCI), the Finnish Embassy in Vietnam, and the Finnish Ministry of Foreign Affairs’ Finnpartnership programme, with the goal to promote trade between Vietnam and Northern Europe.
Bilateral trade between Vietnam and Northern European has yet exceeded US$1 billion and there remain shortcomings in the trade promotion activities among the stakeholders.
According to Nguyen Tan Hai, Deputy head of the VCCI’s Department of International Relations, Northern European countries have great potential for Vietnamese exports, as they have big demands for farm and aquatic produce.
Le Ky Anh, Economics and Trade Officer of the Delegation of the EU to Vietnam, said however, these countries, including Finland, are choosy markets with many strict demands for quality, food safety and hygiene, together with environmental protection and green growth standards, including those related to the use of female or children workers.
He stressed that businesses should be more proactive in improve their product quality and market study.
Deputy head of the Economics and Trade Section at the Delegation of the EU to Vietnam Jana Herceg said the up-and-coming Free Trade Agreement (FTA) between the EU and Vietnam is expected to exert strong impacts not only on trade but also on foreign investment attraction, technological transfer, economic reform and restructuring.
In order to optimize the benefits of the deal, Vietnam should make good preparation and specific strategies to integrate into the global economy, she recommended.
The two sides have recently concluded the 7th round of negotiation on the bilateral FTA with commitments reached on many key issues.
Under the Vietnam-EU trade pact, 95% of the tax line would be reduced while a free trade zone would be established.