Japanese newspaper: EVFTA to lift Vietnam’s post-COVID-19 pandemic growth

Update: 11:11 | 22/05/2020
Japanese daily Nihon Keizai ran an article on May 20 saying that the EU-Vietnam Free Trade Agreement (EVFTA), to be ratified by Vietnam’s legislature shortly, will benefit not only the two signatories but also businesses from other countries.
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japanese newspaper evfta to lift vietnams post covid 19 pandemic growth EVFTA submitted to National Assembly for ratification
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japanese newspaper evfta to lift vietnams post covid 19 pandemic growth
Illustrative image (Photo: Tap chi Cong Thuong)

It noted that the two will eliminate 99 percent of import tariffs within a decade, which will help Vietnam increase its exports to the bloc, which accounts for some 15 percent of the country's total. Japanese enterprises working in Vietnam are also expected to benefit from the deal.

As the world's third-largest apparel exporter behind China and Bangladesh, space for Vietnam to bolster its garment exports remains huge. Several Japanese companies are producing apparel in Vietnam, notably Fast Retail - the owner of the well-known Uniqlo brand - and also manufacturing auto spare parts and machinery for export to Europe. The EVFTA will, therefore, help them expand production and enter Europe more easily.

Conversely, the EU ships aircraft and automobiles to Vietnam. With a population of around 97 million, the third-largest in Southeast Asia, and with an average income per capita of about 3,500 USD each year, Vietnam is forecast to see growing domestic consumption.

As the first country in Southeast Asia to normalize economic activities following the COVID-19 pandemic, the EVFTA is expected to boost Vietnam’s exports in the near future, the paper wrote.

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(Source: VNA)