Hanoi(VNA) – Vietnam’s garment-textile sector is expected to expand its markets oncethe Vietnam-EU Free Trade Agreement (EVFTA) comes into force in early 2018, reducingtax on Vietnamese garments and textiles exported the EU to zero percent overthe next seven years. To make use ofopportunities offered by the pact, experts suggested local enterprises prepareto meet rules set by the deal, especially those regarding product origin. Europe is apromising market for Vietnamese garments and textiles with export turnoverreaching 3.5 billion USD in 2016, just behind the US. Truong Van Cam, VicePresident of the Vietnam Textile and Apparel Association (VITAS), describedrules of origin as the most important thing in the agreement. He said,Vietnamese garment-textile firms must ensure that their products originate fromVietnam or use materials imported from the EU or the bloc’s trade partners. The localgarment-textile industry is still heavily dependant on imported materials ,mostly from China, the Republic of Korea (RoK) and Taiwan (China), with thefabric sector, for example, importing up to 86 percent of materials forproduction and export. VITAS DeputySecretary General Vu Thi Phuong suggested domestic enterprises review theirinvestment and business strategies to catch up with the transformation from thecut-make-and-trim production model to free-on-board and original designmanufacturing (ODM) practices. According toPhuong, apart from strict rules, the agreement also offers an open mechanism tothe Vietnamese side, saying that products using materials from the EU’s partnercountries will also enjoy the tariff breaks. Under theagreement, fabrics from the RoK, which has a free trade agreement with the EU, areconsidered as having clear product origin and are eligible for the taxreduction. VITAS statisticsshow that the garment-textile sector spends more than 10 billion USD each yearon importing fabric, with more than half from China, about 18 percent from theRoK and 15 percent from Taiwan (China). If Vietnamesefirms continue to import materials from China, they will find it hard tobenefit from the EVFTA, the association said. European experts proposedlocal enterprises learn the rules and the roadmap for tariff reductions inorder to better access the market.-VNA
European investors are running 1,809 valid projects worth 23.16 billion USD in Vietnam, accounting for 8.7 percent and 8 percent of total EU projects and investment in the country.
Vietnam’s hopes for a FTA-driven economic rise within ASEAN must now rely on the only free trade agreement seen as realistically achievable, the EU-Vietnam FTA, experts said at a conference on February 16.
Vietnam’s upcoming free trade agreement with the European Union is expected to make Vietnam the most promising business destination for European companies in Southeast Asia.
Deputy Foreign Minister Nguyen Quoc Dung made a working visit to the EU from March 4-10, aiming to lobby for the early signing and ratification of the EU-Vietnam Free Trade Agreement.
The EU-Vietnam FTA (EVFTA) will play a vital role in Vietnam’s global trade integration, helping the country become a promising business and investment market in ASEAN for European firms.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
Deputy PM Tran Hong Ha urged countries to work together to remove supply chain bottlenecks, expand market access, strengthen cooperation in smart customs procedures, mutually recognise technical standards, and eliminate unnecessary protectionist barriers to boost trade and investment.
The event has gathered over 400 exhibitors from 16 countries and territories, with more than 980 booths showcasing a wide range of products and technologies in automotive components, electronics, repair and maintenance, bodywork, accessories, and customisation.
The latest order follows Vietjet’s commitment for 20 additional A330neo aircraft last month, bringing the airline’s total widebody aircraft on order to 40.
Minister of Finance Nguyen Van Thang acknowledged the target represents an important milestone for socio-economic development as well as a demonstration of the country’s aspiration for robust economic growth.
The price of E5 RON92 petrol is now capped at 20,631 VND (0.79 USD) per litre, up 1,169 VND from the previous adjustment, while RON95-III costs no more than 21,244 VND per litre, up 1,277 VND.
While German consumers are familiar with Vietnamese products such as coffee, seafood, tea, and spices, many other quality items remain relatively unknown in the market. The Selgros event not only helped introduce Bac Giang lychee to German consumers but also provided them with the opportunity to experience other Vietnamese agricultural products.
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.
Illustrative photo (Source: VNA) 
