EVFTA: Businesses advised to improve product quality
The EU-Vietnam free trade agreement (EVFTA) is expected to bring great opportunities for exporters of Vietnam and the Mekong Delta region in particular. However, insiders have advised Vietnamese firms to improve their products’ quality to overcome barriers in the choosy EU market.
Can Tho (VNA) – TheEU-Vietnam free trade agreement (EVFTA) is expected to bring greatopportunities for exporters of Vietnam and the Mekong Delta region inparticular. However, insiders have advised Vietnamese firms to improve theirproducts’ quality to overcome barriers in the choosy EU market.
Nguyen Phuong Lam, Directorof the Vietnam Chamber of Commerce and Industry (VCCI) in Can Tho city, saidthat once ratified, the EVFTA will help raise Vietnam’s exports to the EU by 44percent by 2030.
The deal is hoped to helpincrease GDP growth by 7.07-7.72 percent in 2029-2033, he said, adding thatgoods production, food processing and agriculture will be sectors to benefitmost.
“In the next five years,agro-fishery exports of Vietnam will increase over 40 percent, and so willmajor products of the Mekong Delta region. Therefore, local firms shouldprepare equipment, infrastructure and production capacity to meet marketdemand,” stated Lam.
He noted that over the years,the EU has been one of the major markets of Vietnamese tra fish with annualrevenue reaching about 300 million USD.
According to the Vietnam PangasiusAssociation, in 2018, the three largest markets of Vietnamese tra fish filletswere China, the US and the EU. In the first months of 2019, the EU surpassedthe US to take second position.
Chairman of the associationDuong Nghia Quoc said the EVFTA will create big chances for Vietnamese tra fishsector to enter the market.
Along with a zero tax rate,Vietnam will also avoid non-tariff barriers from EU countries, he said.
Quoc said as long asVietnamese exporters strictly implement its regulations, they will easily enterthe market.
Florian Beranek, an expertfrom the United Nations IndustrialDevelopment Organization (UNIDO), a member of the Eurocham, said the decisive factorfor Vietnamese firms to maintain competitiveness after the EVFTA is ratified isthe improvement of their products’ position in the domestic market beforeexporting.-VNA
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Illustrative image (Source: VNA) 
