Leaders of the Ministry of Industry and Trade, the northern localities of Quang Ninh, Hai Phong and Hai Duong as well as representatives of enterprises from across the nation attended a conference in Ha Long city on August 28 to get a thorough understanding of Vietnam’s major commitments in the just-signed EU-Vietnam Free Trade Agreement (EVFTA).
|An overview of the conference (Photo: VNA)
Participants were briefed on the major contents of the pact, signed in June and to become effective early next year.VNA
They clarified issues related to tariffs, the impact of the EVFTA on Vietnamese industrial products’ engagement in the regional and global value chains, as well as State management over the avoidance of trade protection measures, market management and trade promotion.
Addressing the event, Minister of Industry and Trade Tran Tuan Anh said the EVFTA and other agreements will be tools for economic restructuring and the transformation of the growth model, which will facilitate Vietnam’s economy and businesses ingetting more involved in newly-formed value chains in partnership with other countries.
The minister said to make the best use of the deal, businesses should focus on studying its contents.
The ministry will hold communication events to update people and enterprises on the contents of the agreement, which is a new generation FTA with higher requirements and broader coverage, he said.
Minister Anh reminded companies with EU partners to carefully study the FTA to ensure competitiveness.
The EVFTA is expected to boost export growth and diversify the markets and export products of Vietnam.
Right after the EVFTA is effective, 85.6 percent of the products of Vietnam shipped to the EU will enjoy zero tax rates. After seven years, 99.2 percent of the products will receive zero percent tax rate.
At the conference, delegates received training on Vietnam’s commitments in tariff, origin and investment-service regulations.