Vietnamese goods are likely to face intense competition once the EU-Vietnam Free Trade Agreement (EVFTA) takes effect in early August, economists have forecast.
Hanoi (VNA) - Vietnamesegoods are likely to face intense competition once the EU-Vietnam Free TradeAgreement (EVFTA) takes effect in early Aug☂ust, economists have fore🌠cast.
The EU’s exports to Vietnamare expected to increase by about 29 percent by 2035, or about 15 billion EUR (17 billion USD), while tariffs on EU productsshipped to Vietnam will gradually fall to zero percent. The Finance Ministry isdrafting a decree on preferential export-import tariffs for the 2020-2022period. A survey revealed thatnearly two-thirds of Vietnamese consumers are ready to spend more on qualityand safe products - higher than the global average of 49 percent. Domestic firms therefore needto devise strategies on pricing, promotions, and packaging to meet demand. There remain shortcomingsin the “Vietnamese prioritise Vietnamese products” campaign, according toexperts, including the prevalence of fake and sub-standard products and thosewithout clear origin. They said it is necessaryfor the domestic production sector to restructure and use modern technology toimprove human resources and navigate a market of 500 million Europeans. Deputy Minister ofIndustry and Trade Do Thang Hai said the ministry is monitoring the consumptionof Vietnamese goods at shopping centres, supermarkets, and markets whiledeveloping the domestic market and pushing the “Vietnamese prioritiseVietnamese goods” campaign. The ministry is alsoimplementing Government Resolution No 84/NQ-CP dated May 29, 2020 on tasks andmeasures to tackle difficulties in production and trade, step up the disbursementof public investment, and ensure social safety and order amid COVID-19. Apart from State support,domestic enterprises have been urged to develop their trademarks to increasethe competitiveness of Vietnamese goods at home./.
Vietnam’s leather and footwear industry should improve its supply chain performance to take advantage of the milestone trade deal that the country has signed with the EU and to recover from the effects of the COVID-19 crisis, speakers said at a recent international footwear conference.
Tax policies are being specified while customs procedures simplified to improve the legal framework to facilitate the European Union – Vietnam Free Trade Agreement (EVFTA) enforcement.
Rice quotas for Vietnam under the EVFTA are expected to push Vietnam’s rice exports up from the second half of this year, according to the Ministry of Industry and Trade (MoIT).
The article by Cuba’s Inter Press Service detailed how Vietnamese private enterprise Agri VMA leased 1,000 ha of land in Los Palacios district, Cuba’s westernmost province of Pinar del Río, for rice cultivation over a three-year period. The project’s first harvest in 2025 recorded an impressive yield of 7.2 tonnes per hectare, far exceeding the local average of 1.6 tonnes.
During the visit, office representatives held a working session with the Tipaza Chamber of Commerce and Industry and met with several prominent local businesses operating in key sectors including industry, agriculture, fisheries, food processing, chemicals, pharmaceuticals and plastics.
A Nordic delegation to Vietnam International Sourcing 2025 in September will feature leading names in retail, consumer goods, logistics, and sustainable manufacturing, including global fashion giant H&M, offering fresh prospects for partnerships in fashion, textiles, and green supply chains.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
Effective from the date of signing on June 18, the decision halts procedures outlined in the 2005 Memorandum of Understanding (MoU) between the governments of Vietnam and Laos on the initial implementation of the Greater Mekong Subregion (GMS) Cross-Border Transport Facilitation Agreement at the Lao Bao–Densavan border gate.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
Illustrative image (Photo: VNA) 
