The European market is expected to become a key target of Vietnamese steel exporters when the EU-Vietnam Free Trade Agreement (EVFTA) fully comes into effect, insiders have said.
Hanoi (VNA) - The European market is expectedto become a key target of Vietnamese steel exporters when the EU-Vietnam FreeTrade Agreement (EVFTA) fully comes into effect, insiders have said.
Steel is one of the sectors forecast to benefit the most from the agreement.
According to the latest report from the Vietnam Steel Association (VSA),Vietnam has exported over 815,000 tonnes of steel worth 454 million USD so farthis year, up 47 percent in volume and 24 percent in value year-on-year.
However, the country primarily exports to Southeast Asian countries with 494,000tonnes worth 263 million USD this year, accounting for 60 percent of total exportvolumes and 57.8 percent of export turnover.
Though export data for the steel industry is much rosier than in 2019, exportsto the EU have fallen by more than half compared to the same period last year.
With tariff preferences to follow when the EVFTA comes into being, the EU willbe a major market for Vietnamese steel companies in particular and those inother sectors in general.
Experts said that to fully tap into the opportunities presented by the tradepact, Vietnam needs to pay due regard to improving its institutions and the competitivenessof its businesses, while strengthening market research and supply and demandforecasts.
A representative from the Hoa Phat Group - thelargest steel maker in Vietnam - said that in the context of internationalintegration, businesses themselves must improve their product competitiveness byraising quality, reducing prices, and ensuring delivery times are met.
According to the Ministry of Industry and Trade, the EVFTA will help increaseVietnam’s export turnover to the EU by about 20 percent this year, 42.7 percentin 2025, and 44.37 percent in 2030. It will also contribute to increasing thecountry’s GDP by 2.18 - 3.25 percent in the 2019-2023 period, 4.57 - 5.30percent in 2024-2028, and 7.07 - 7.72 percent in 2029-2033./.
Iron and steel exports to Germany saw significant increases in volume and value in the first quarter of this year, according to preliminary statistics from the General Department of Vietnam Customs.
Steel maker Hoa Phat has reported that the export of steel pipe products produced by its subsidiary - Hoa Phat Steel Pipe Co., Ltd - in the first five months of 2020 surged by 78 percent year-on-year despite the COVID-19 pandemic.
Experts have suggested Vietnamese enterprises improve product quality standards to overcome barriers imposed by the fastidious yet promising EU market, thus optimising the advantages to be generated from the EU-Vietnam Free Trade Agreement (EVFTA).
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Major newspapers of German and Austria ran articles on June 8 highlighting the Vietnamese National Assembly (NA)’s ratification of the EU-Vietnam Free Trade Agreement (EVFTA) during its ongoing ninth session.
The EU-Vietnam Free Trade Agreement (EVFTA) is expected to provide a host of opportunities to Vietnamese enterprises to bolster their exports, but they must also meet strict requirements in order to fully capitalise on the deal, insiders have said.
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Illustrative image (Photo: VNA) 
