Speaking at the event, Dinh Sy Minh Lang from the MoIT’s Department of European - American Markets said statistics from the General Department of Vietnam Customs and surveys conducted by the Vietnam Chamber of Commerce and Industry (VCCI) showed that the rate of businesses that have a relatively good or clear understanding of the EVFTA is significantly higher than other FTAs.
Nearly 41% of firms reported reaping specific benefits from the EVFTA, a notable increase from around 25% in 2020. In addition, Vietnam's exports to the E.U. have shown consistent growth, with 14.2% and 16.7 increases in 2021 and 2022, respectively.
Last year, Vietnam's exports to the E.U. reached USD 46.8 billion, resulting in a trade surplus of USD 31.4 billion. From the beginning of this year until July 31, Vietnam earned USD 25 billion from exports to the bloc.
Lang said the Vietnamese agricultural products entering the E.U. have not achieved the expected growth due to challenges posed by non-tariff measures such as Sanitary and Phytosanitary (SPS) regulations and Technical Barriers to Trade (TBT) when exporting to the E.U.
Most recently, the European Parliament (EP) has passed a new law banning the import of goods believed to be linked to deforestation activities in an effort to promote global climate change mitigation efforts.
Accordingly, the new law will apply to products like coffee, cocoa, soybeans, sawn wood, palm oil, livestock meat, rubber, and derivatives from various countries around the world. Additionally, any products in these categories found to be associated with deforestation will also be prohibited from entering the E.U.
At the seminar, delegates discussed issues regarding business environment risks in the European market and provided guidance on complying with international standards to improve internal processes to meet export requirements.
Source: VNA