Sydney (VNA) – Associate Professor, Dr. ChuHoang Long from the Australian National University (ANU) on May 23 expressedhis belief that the EU-Vietnam Free Trade Agreement (EVFTA), once effective,will boost two-way trade thanks to eased tax barriers.

The deal isexpected to help Vietnam diversify its international economic ties, he told the Vietnam News Agency (VNA) that 

In the short-and mid-terms, it will facilitate Vietnam’smarket expansion in post-COVID-19 when economic activities in other countries arerecovered, he said, adding that Vietnamese enterprises and consumers wouldaccess goods and materials with good quality and reasonable prices from the EU.

In the long run, the agreement will make it easier forVietnam to access high technologies from the EU to improve its productivity andproduct quality, Long continued.

The EVFTA has put Vietnam in a favourable position inthe new global economic order that is being shaped from impacts of the pandemic, he stressed.

To optimise the agreement, the country should pushahead with domestic institutional reform to meet commitments in the deal, hesuggested.

More attention should be paid to investment andcustoms procedures, technical standards, especially product origin, animal andplant quarantine, intellectual property, government procurement and sustainabledevelopment, Long went on.

He also suggested Vietnam seriously observe regulationson food safety and product origin when exporting to the EU – one of its biggestagro-forestry-fishery importers.

To utilise opportunities generated by the EVFTA, firmsneed to fully understand commitments of Vietnam and partners, proactively seekcooperation opportunities with foreign partners and join global and regional supplychains, Long said.

If Vietnam knows how to minimise such opportunities,the country would become a destination for major investment waves, and with itsfavourable geographical location, the country would serve as a gateway fortrade and investment activities of the EU in ASEAN and Australia, heemphasised.

Vietnam can become a processing centre for ASEAN andAustralian businesses to serve export to the EU, and vice versa, Longbelieved./.