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EU-Vietnam FTA (EVFTA): Declared to officially conclude the negotiation

On December 2, 2015, in Brussels (Belgium), Vietnamese Minister of  Industry and Trade Vu Huy Hoang,  and EU High Commissioner Cecilia Malmstrom signed the Declaration on the official conclusion of the negotiations on the EU-Vietnam Free Trade Agreement (EVFTA) and agreed to finalize the ratification process in the shortest time so that the Agreement come into force in the early 2018.

The second country in the region having FTA with the EU
Vietnam and the EU started negotiation from June, 2012. Vietnam-EU Free Trade Agreement hoa phat concludes 14 official negotiation rounds and a number of small talks. EVFTA is a comprehensive and high-quality agreement which promises the balance in benefits for both Vietnam and EU and noted the disparity in development level. Up to the present, there have not been any FTAs between Vietnam and countries in the EU. Vietnam is the second country in Southeast Asia, after Singapore, which has the Free Trade Agreement with the EU.

Vietnam's partner in this FTA is the Union of 28 countries Máy xay giò chả in the Europe. The EU currently plays its part as the second biggest trade partner and one of the two largest export markets of Vietnam. Two-way trade turnover between Vietnam and the EU reached $36,8 billion in 2014 and $19,4 billion in the 6 first months of 2015, increased by 11% compared to the same period of 2014. In particular, export turnover from Vietnam to the EU reached $14.9 billion and import turnover from the EU reached $ 4,5 billion. The EU is also a big investor in Vietnam with the focus on industry, construction and some service sectors.


EVFTA signing ceremony (Photo: Internet)

Under the agreement, Vietnam and the EU will eliminate tariffs on over 99 percent of tariff lines. For the few remaining lines, the two sides will give each other a certain customs quota or partial reduction of customs tariff.

This Agreement is expected expand export market especially products Máy tăng âm truyền thanh of their strengths such as Vietnam’s garment-textile, footwear, farm and fishery products, seafood, and timber products and the EU’s machinery, equipments, automobile, alcoholic beverages, and some agricultural products. The remarkable features in the structure of trade between Vietnam and the EU are strongly complementary, less directly confrontational. In addition to commitment to market opening , the agreement also covers other matters such as investment, free trade and service, public procurement, intellectual property rights...so that both parties can access each other's market.

Opportunities and challenges

Free Trade Agreements with such developed partners like the EU will open many đau đầu opportunities for Vietnam to access modern technology and learn management skills, improve skills, create more jobs for labors and stabilize social security. In the domestic market, it is considered to hardly have stiff competition because EU goods are

usually of high quality and price, aiming for high-end customer segment.

Meanwhile, Vietnam goods are also evaluated to meet EU consumption segment. However, there are still many different standards between the EU and Vietnam market, especially for food industry. Therefore, Vietnam's goods exported to the EU will face Nước dừa some difficulties if problems concerning the quality and safety standards of hygiene haven’t been solved. On the other hand, Vietnam still have less products of high quality which bring high economic value.

According to  some experts, Vietnamese enterprises who want to take advantage of good opportunities from EVFTA have to meet technical standards and be ready to respond to non-tariff barriers, because trade defense measures will be strengthened in the coming time. In addition, Vietnam manufacturers should also build and develop their brand name to help European consumers easily identify Vietnamese products. Domestic enterprises should closely follow the roadmap and provisions of the EVFTA in order to effectively develop their investment and Thiết kế nhà hàngproduction  plans and improve their competitiveness. At the same time, Vietnam's ministries, branches and localities, especially the Ministry of Trade should

release proactive directions and guidance which respond quickly and comprehensively to conditions in the FTA, thence timely take advantage of the EU and Vietnam.

Although there are still challenges since the signing ceremony, this FTA is expected to boost Vietnam export in difficult markets like EU, which contributes to Vietnam’s successful integration into the global economy as a comprehensive Ắc quy đồng nai market economy. On the Conclusion of the negotiations, both parties affirmed the EVFTA is an important legal document regulating the economic, trade and investment relations between Vietnam and the EU, creating a free, transparent and favorable environment for enterprises and investors from both the EU and Vietnam. This is not only a great historic moment but also a special butterfly shadow mark on 25th anniversary of diplomatic relations between Vietnam and the EU.

                                                                                                                                                             Mai Châu (tổng hợp)
                                                                                                                                                              Huyen Trang (dịch)

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