Vietnam hoped to become EU’s largest trade partner in ASEAN
Vietnam is expected to become the EU’s largest trade partner in the Association of Southeast Asian Nations (ASEAN) once the EU-Vietnam Free Trade Agreement (EVFTA) comes into effect in 2018, according to Minister of Industry and Trade Tran Tuan Anh.
Dragon fruits are packaged at the Cat Tuong agricultural products produciton and processing Co. Ltd in Tien Giang province (Photo: VNA)
Hanoi (VNA) – Vietnam is expectedto become the EU’s largest trade partner in the Association of Southeast AsianNations (ASEAN) once the EU-Vietnam Free Trade Agreement (EVFTA) comes intoeffect in 2018, according to Minister of Industry and Trade Tran Tuan Anh.
The minister said Vietnam could also becomethe most promising destination in Southeast Asia for European businesses.
According to the Ministry of Industry andTrade (MoIT), the country may serve as an entry point for EU trade to ASEAN.
Once effective, the EVFTA will encourageinvestment from the EU into Vietnam and create opportunities for the two sidesto access each other’s market, the ministry said.
The EU will eliminate about 85.6 percent oftax lines on Vietnam’s exports, with the rate increasing to 99 percent sevenyears later.
Meanwhile, Vietnam will liberalise 65percent of import duties on EU exports. In another 10 years, about 99.8 percentof EU goods exported to Vietnam will enjoy a zero percent tax rate.
Statistics released by the MoIT show thatthe Vietnam-EU trade grew by 8.93 percent in 2016 compared with the previousyear to reach 45.07 billion USD.
Bilateraltrade expanded by 16.2 percent year-on-year in the first five months of 2017.
Ofthe figure, Vietnam’s exports to the EU rose 4.2 percent, mostly apparel,footwear, agro-forestry-aquatic products and computers, while its imports fromthe EU rose 14 percent, including machinery, equipment, pharmaceuticals anddairy products.
Thecountry’s major importers were Germany, the UK, France, Italy, the Netherlandsand Spain.
With a population of more than 500 million,the EU is an attractive market for Vietnamese products like garments,garments-textiles, seafood and coffee.
With the two sides’ commitment to opening upthe market, two-way trade revenue is hoped to hit about 100 billion USDannually.
However, Vietnamese businesses are expectedto face fierce competition, forcing them to improve their operations.
At the same time, the Vietnamese Government plansto fast-track institutional reform and complete the legal framework to catch upwith the development pace and requirements of both domestic and globaleconomies, the ministry said.-VNA
A workshop on promoting trade with EU market via Amazon online shopping channel will be held in Hanoi on May 10, according to the Vietnam Textile and Apparel Association (Vitas).
Two-way trade between Vietnam and the European Union (EU) grew 16.2 percent year-on-year in the first five months of 2017, according to the Ministry of Industry and Trade.
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.
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.
Dragon fruits are packaged at the Cat Tuong agricultural products produciton and processing Co. Ltd in Tien Giang province (Photo: VNA) 
