Trade experts said that the EVFTA, which officially took effect from August 2021, has been bringing positive impacts to Vietnam and Denmark and contributed to promoting Vietnam-Denmark trade relations and further expanding markets for Vietnamese exports.
According to the trade office, Denmark is a developed industrial country, with a modern economy and high living standards. Import-export accounts for nearly 60% of the total gross domestic product (GDP) of the European country.
In addition, Denmark’s business environment is friendly, ranked by the World Bank as the country with the best business environment in Europe for 10 consecutive years and always comes in the top five countries with the best business environment in the world, the office said.
In particular, Denmark is not only the only Nordic country that has established a comprehensive partnership with Vietnam, but also one of Vietnam’s potential trade partners in the European region.
Over the recent years, Denmark has implemented trade liberalisation and market opening policies to create favourable conditions for enterprises to export to this market, the office added.
European businesses pin hope on EVFTA
The European Parliament has ratified the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA). The ratification is believed to create a breakthrough in trade investment cooperation between European firms and Vietnamese partners after the deals take effect.
EVFTA poses challenges to Vietnamese agricultural products
Since the EVTFA was approved, experts have been analysing the opportunities for Vietnam to penetrate deeper into the high-value foreign markets. However, the implementation of the deal also poses many challenges to Vietnamese agricultural products. Besides strict standards from the European Union market, competitive pressure in the domestic market is also a big issue.
Vietnam Seizes Opportunities from EU Trade Deal for Tourism Growth
The EU-Vietnam Free Trade Agreement (EVFTA) is expected to offer opportunities for various economic sectors, including tourism. The new-generation trade deal expected to take effect this year will enable the domestic tourism sector to access new markets, restructure the market and promote sustainable development in the context of complicated global changes.
Workers could become the biggest beneficiaries of EVFTA
The Vietnam – EU Free Trade Agreement (EVFTA) is expected to have a positive impact on employment and social welfare, with the number of jobs and the wages of workers poised to increase, according to the Ministry of Industry and Trade (MoIT).
EVFTA to grow Vietnam’s fertilizer industry
Free trade agreements, including the latest one signed between Vietnam and the EU, will benefit the domestic fertilizer sector, with more diverse import and export markets, experts said.
