The EVFTA is hoped to create opportunities for Vietnamese businesses to diversify markets and regain growth momentum (Photo: VNA) Hanoi (VNA) – The EU-Vietnam Free Trade Agreement (EVFTA), to take effect shortly, is expected to make up for some of the losses Vietnam’s economy incurred during the COVID-19 pandemic, according to insiders. The Ministry of Industry and Trade (MoIT) said that amid a global economic crisis caused by the coronavirus outbreak, the EVFTA will play an important role in the recovery of the local economy. Echoing this, many experts said that although growth is unlikely to reach this year’s target, the trade deal with the EU will help buffer the downturn. They also believe the agreement will create opportunities for businesses to diversify markets and regain growth momentum. Vietnamese companies have long struggled to gain a foothold in the EU as they face rivals from countries with developed industries, especially China, and its product prices are usually 10-20 percent higher than those of identical goods from other countries. The EU is the world’s second-largest importer, purchasing about 2.338 trillion USD worth of goods from overseas annually, only 2 percent of which is from Vietnam. Just over 42 percent of Vietnam’s… Read full this story
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