Many Vietnamese exports to the EU, including fisheries, will benefit from reduced and zeroed taxes after the EVFTA takes effect Discerning market Nguyen Thi Thu Trang, Director of the WTO and International Trade Center under the Vietnam Chamber of Commerce and Industry (VCCI), points to the potential of the EU market. With a population of more than 500 million people and a combined gross domestic product (GDP) of over US$15 trillion, accounting for about 22 percent of the world’s GDP, the EU is an extremely large market and also the largest exporter and importer in the world with an annual foreign trade turnover of about US$3.8 trillion. Currently, Vietnam’s footwear exports accounted for about 11 percent of the EU’s footwear import value, while the country’s fruit and vegetable exports represented only three percent, and other exports accounted for a smaller percentage of the EU’s import values, Trang said. The EVFTA will reduce and/or zero out import tax rates, so that for Vietnam’s seafood exports for example, 50 percent of all tariff lines will be zeroed starting in August. Nguyen Van Tuyen, Director of the Tien Dat Co., Ltd, said the EVFTA offers new opportunities for businesses. Some of the company’s… Read full this story
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