He said joining the agreement helps Vietnam improve its prestige in the international arena as it is one of the first developing countries to engage in a new-generation trade agreement with high-standard commitments with the EU.
For the business community, this prestige acts as one of the crucial driving forces to encourage European businesses to either increase or engage for the first time in trade activities with Vietnamese enterprises, Son said.
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Vietnamese rice sold at Carrefour Collagen supermarket in France. |
Tangible benefits from tariff reduction under the EVFTA have significantly contributed to maintaining the momentum of Vietnam's exports to the EU during and after the COVID-19 pandemic, he noted.
Despite the global economic downturn and the challenging trends for exports in general, Vietnam's exports to France still sustained stable growth in the first four months of this year at 7.7% year-on-year, hitting over 2.12 billion EUR (over 2.3 billion USD).
Leather and footwear, electronics and telecommunications, and textile and garment continued to be the key exports, constituting about 60% of Vietnam's total export value to France. In particular, the export of footwear and phones posted strong increases of 30.5% and 21.9%, respectively.
Vietnam’s export turnover to France in 2022 surged by 18.8% to over 7.27 billion EUR from 6.12 billion EUR in 2020, reaching a record-high level.
The credibility and tariff incentives brought by the EVFTA are providing a significant advantage for Vietnam's exports, particularly in farm produce.
The trade official noted that the EVFTA is a "boost" and a significant source of encouragement that propels Vietnamese businesses to engage more professionally and systematically in the international supply chain with well-defined plans,
In the French market, following a series of promotion activities and image-buildingand consumer-orienting efforts carried out by the Vietnam Trade Office, Vietnam's products have gradually gained footholds and recognition among local consumers, Son said, citing as an example the entry of Vietnamese rice into two major supermarkets chains - Carrefour and E.Leclerc.
The Vietnam Trade Office is continuing to capitalise on opportunities and potential generated by the EVFTA, towards further supporting Vietnamese goods to access the retail segment in France, Son went on.
However, he noted that technical specifications and rules of origin are always significant hurdles for Vietnam's goods exported to the EU in general and France in particular.
He advised businesses to invest more in technology development to produce products meeting regulations on technical specifications, and quality and environmental standards.
Source: VNA