The experts gathered at an online conference on November 5 in Ho Chi Minh City to discuss prospects and solutions to promote exports to the E.U. market in the new context.

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Vietnamese exporters advised to grasp opportunities in E.U. market (Photo for illustration)

They held that the E.U. is facing a first-ever shortage of goods, as many suppliers are struggling with COVID-19, while logistics costs are rising and demand is increasing in the rest of the year.

Therefore, they advised Vietnamese exporters to grasp this chance to conquer the E.U. market.

Nguyen Thao Hien, Vice Director of the Department of Europe-America Markets under the Ministry of Industry and Trade, said that the biggest advantage in the E.U. is preferential tariffs from the EVFTA.

However, the advantage will not last for a long time as the recovery process of the E.U. will take place in a short time. Moreover, many other countries in the region have been negotiating free trade agreements with the E.U., increasing pressure of competition, they said.

They asserted that despite difficulties after a social distancing period, Vietnamese businesses should focus their resources to recover production and make full use of the current opportunities.

Vu Chien Thang from the Vietnam Trade Office in Spain held that after the pandemic, European consumers have prioritized smart products, food safety and products of clear origin that are traded through e-commerce platforms.

Lawyer Dinh Thi Anh Tuyet from the Vietnam International Arbitration Centre asserted that as businesses have to grasp all opportunities to seek orders, the signing of trade contracts should be carefully considered to avoid legal risks.

Source: VNA