EVFTA a golden opportunity for Vietnam to recover its economy: Analysts

Update: 15:10 | 09/06/2020
The EU-Vietnam Free Trade Agreement (EVFTA) and the Investment Protection Agreement (EVIPA), which were ratified by the National Assembly on the morning of June 8, will offer a golden opportunity for Vietnam to elevate its position on the global trade map, especially in the context of the worldwide COVID-19 crisis, economic analysts believe.
TIN LIÊN QUAN
evfta a golden opportunity for vietnam to recover its economy analysts Minister Tran Tuan Anh: EVFTA hoped to take effect on August 1
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evfta a golden opportunity for vietnam to recover its economy analysts
Workers process frog meat for export at a factory of the Tan Thanh Loi Co. Ltd in Long An province. (Photo: VNA)

The EVFTA is hoped to present new opportunities to Vietnamese businesses to fully tap into their potential and strengths and bolster exports.

It will also help the country diversify its trading partners, reduce its dependence on certain key markets in both exports and imports, and maintain its crucial role in global supply chains.

Vietnam hopes to promote technology transfer and skills and knowledge in its young workforce, becoming a dynamic, creative, and sustainable economy in the future.

The textiles, footwear, agriculture, and retail sectors are forecast to benefit the most from the agreements.

Enterprises have been advised to thoroughly understand the agreements and strictly comply with rules of origin, quality standards, and product design.

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Figures from the Ministry of Planning and Investment show that about 86 percent of Vietnamese businesses were affected by the COVID-19 pandemic, with the larger the business the greater the impact.

A number of key industries are still facing difficulties, having seen revenue in the first quarter and the first half of the second quarter dip nearly 70 percent compared to the same period of 2019.

However, after social distancing measures were eased, the national economy witnessed a gradual recovery thanks to enterprises resuming operations stably.

More than 55 percent of businesses participating in a survey conducted by the Vietnam Chamber of Commerce and Industry (VCCI) said they will continue to maintain their current production scale in the third quarter, while 22 percent of those said they intend to expand production and business.

This proves the vitality and resilience of Vietnamese enterprises, especially in these current difficult times, said VCCI Chairman Vu Tien Loc.

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The National Assembly ratified the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA) at its plenary sitting on June 8.

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Vietnam’s National Assembly is set to ratify the deal at the upcoming gathering on June 8.

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TGVN. As the EU-Vietnam Free Trade Agreement (EVFTA) is about to be ratified by the Vietnam National Assembly, RMIT University (Vietnam) International Business Program Manager ...

(Source: VNA)