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Saturday, January 28, 2023

Vietnam’s export businesses benefit from EVFTA

By T.Dao

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HCMC – Vietnamese exporters have taken advantage of the European Union–Vietnam Free Trade Agreement (EVFTA), especially the trade liberalization policy of phasing out over 90% of tariffs on the exchange of goods within seven years.

The import-export turnover between Vietnam and European countries (EU) reached US$57 billion, up 14% year-on-year. Among those, the export turnover amounted to US$43.5 billion, up 21%, according to the Ministry of Industry and Trade.

Many key export products saw positive growth in export turnover, including textiles with an increase of 24%, footwear products with a 19% increase and seafood with a surge of 41%.

The rate of taking advantage of EVFTA incentives reached 25.1% between January and October 2022, up 30% over the same period last year.

A report from the Vietnam Chamber of Commerce and Industry shows that four out of 10 enterprises have benefited from the EVFTA.

However, Vietnamese exporters still have to face many challenges while accessing the EU market, including the lack of brand popularity, limited benefits and difficulties in obtaining market information on technical standards.

Despite the high rates of taking advantage of EVFTA incentives, the export turnover of some products was rather low.

Aquatic product export revenue, for example, accounted for only 2.7% of the total export turnover to the EU countries, despite the rate of taking advantage of EVFTA incentives reaching 76.9%.

With a rate of 193%, rice products achieved just US$0.019 billion in export turnover, accounting for only 0.04%.

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