Business community prepared for EU trade agreement

Vietnam’s business community has a spring in its step now the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA) were officially ratified by the National Assembly on June 8.

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Minister of Industry and Trade Tran Tuan Anh said the top priority now for the business community is not necessarily to enter the European market right away but to identify ways to exploit the EVFTA and EVIPA in an effective and sustainable manner that benefits both local companies and the country’s economy.

Small and medium-sized enterprises are the most vulnerable during the implementation of the trade pacts, so ensuring they benefit while adhering to the provisions must be a priority for all business sectors.

Tax and trade facilitation incentives are expected to greatly help Vietnamese enterprises expand their markets and improve their competitiveness. In order for local players to fully benefit, however, strategies that are appropriate for each business sector need to be completed.

The EVFTA is the most ambitious trade deal Vietnam has ever signed. Tariffs on Vietnamese goods exported to Europe will be cut by 97% immediately for a period of seven years.

For Vietnam’s business community to benefit as much as possible from the trade deals, the Government has undertaken to help local companies comply with requirements and rules./.

VNA