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Meeting the EU's Sanitary and Phytosanitary Standards (SPS) remains a challenge for Vietnamese food exporters as the country seeks greater integration in the global food supply, said industry experts and policymakers.

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European firms have shown their optimism about the Vietnamese economy, which is recovering strongly after the COVID-19 pandemic, Vice Chairman of the European Chamber of Commerce in Vietnam (EuroCham) Nguyen Hai Minh has said.

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The agreement has given logistics services stronger commitments compared to the World Trade Organization (WTO).

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Rice and fish exporters across Vietnam’s Mekong Delta are ramping up production in order to meet the demands of European partners, particularly those from the UK.

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Vietnam and the EU are amplifying their bilateral trade and investment ties on the back of a trade deal amid the latter facing a crisis caused by geopolitical tensions.

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Analyst’s Pick: The entry into force of the EU-Việt Nam Free Trade Agreement (EVFTA) in August 2020 ¬– the most ambitious and comprehensive agreement that the EU has ever concluded with a developing country – is a step further in the development of the bilateral relation after three decades, presents a win-win relationship for both Việt Nam and EU, and is deemed a “highway” connecting the bloc and the Southeast Asian country.

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Given the impetus from the EVFTA Agreement, Mr. Marko Walde, Chief Representative of the German Industry and Commerce Vietnam (AHK Vietnam) expects the trade volume between Vietnam and Germany to reach about 20 billion Euros within the next two and/or three years.

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Apart from bringing about benefits in trade, the signing and implementation of the EU-Vietnam Free Trade Agreement (EVFTA) is a prominent milestone that creates a new impetus for the relations between EU and Vietnam and opens up opportunities for comprehensive and extensive cooperation.

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The EU-Vietnam Free Trade Agreement (EVFTA), which took effect on August 1, 2020, has given an impetus to Vietnam’s exports, according to the Ministry of Industry and Trade.

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After being affected by the COVID-19 epidemic and fluctuations in inflation, the demand and trends of seafood consumption in many markets have changed, necessitating that Vietnamese seafood enterprises must adapt to these market trends, experts said.

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