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Vietnamese businesses are better aware of EVFTA

11/11/2022    48

Vietnamese businesses’ awareness of the EU-Vietnam Free Trade Agreement (EVFTA) has increased. A survey by the Vietnam Chamber of Commerce and Industry (VCCI) shows that 94% of Vietnamese businesses know about EVFTA, the highest rate among Free Trade Agreements that Vietnam has joined. The report was released at a conference on Thursday in Hanoi, evaluating two years of EVFTA implementation in Vietnam.

According to the report, EVFTA has helped trade and investment between Vietnam and the EU progress significantly and boosted Vietnam’s exports to partner markets. About 41% of questioned businesses said they have benefited from EVFTA, mostly from tariff preferences for import and export commodities.

Nguyen Thi Thu Trang, Director of the Center for World Trade Organization and Integration of VCCI, said: "Businesses now enjoy preferential tariffs for import and export commodities from EVFTA. They also appreciate the indirect benefits such as more cooperation opportunities and higher number of orders, revenues, and profits since the agreement was signed." 

Up to 76% of businesses are positive about EVFTA and other FTAs’ impacts on business prospects in the next 3 years. Economic experts recommend improving the competitiveness of small, medium and micro enterprises to take advantage of EVFTA in the future.

Source: VOV

Conference documents are available at: https://wtocenter.vn/su-kien/20694-conference-two-year-implementation-of-the-evfta-in-vietnam--a-review-from-business-perspective