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.
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.
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.
Dragon fruits are packaged at the Cat Tuong agricultural products produciton and processing Co. Ltd in Tien Giang province (Photo: VNA) 
