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Vietnamese firms need to focus on transformation to adapt to the EU’s green and sustainable development requirements, leveraging trade-investment potential between the sides, advised experts at a Vietnam-EU business forum in Ho Chi Minh City on November 27.

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The European Green Deal (EGD) begins to have a strong impact on Vietnam's exports, requiring Vietnamese businesses to upgrade their production to overcome the barrier.

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From October 1, 2023, the European Union (EU) officially launches a carbon tax pilot for 6 export industries to this market under the Carbon Border Adjustment Mechanism (CBAM). . This poses a requirement for sellers entering this market to "green export", protect the environment, and reduce emissions. Customs Magazine had an interview with Mr. Bui Huy Binh, Chairman of the Board of Directors of TraceVerified Traceability Solutions and Services Joint Stock Company about this issue.

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Although new challenges pose for Vietnam's agricultural and food products in key export markets, the initiative and positivity of businesses alongsidecomplete legal framework are prerequisites for the growth of Vietnamese agricultural and food products in the international market.

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Since the third year of the EVFTA implementation roadmap, the advantages have been somewhat affected, because the EU is applying more high standards, increasing quality requirements, especially in the fields of environment and development. sustainable development... with imported goods.

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The EU-Việt Nam Free Trade Agreement (EVFTA) includes a chapter dedicated to sustainable development that covers not only environmental but also labour-related issues, said an official of the Ministry of Industry and Trade.

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To secure sustainable export to the EU, Vietnamese enterprises must adopt green production and apply high technology to meet the EU’s strict technical and environmental standards, heard a seminar held in Hanoi on September 19.

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The European Green Deal will significantly impact some areas of Vietnam's exports to the EU, and businesses need to be aware of these changes to take advantage of new opportunities.

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The consultation workshop "The recommendation for a carbon tax to mitigate the impact of the EU's carbon border adjustment mechanism (CBAM) on Vietnam" was recently organized by the Southeast Asia Energy Transition Partnership Program on August 30.

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“Green economy” is simply defined as an economy with low emissions and efficient and economical use of natural resources.

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