At the event (Photo: VNA) Hanoi (VNA) – Vietnam holds great advantages to export agricultural products to European Union (EU) countries, whose soil is not suitable for the cultivation of tropical farm produce, experts said. In particular, when the EU-Vietnam Free Trade Agreement takes effect, Vietnamese products will gain a competitive edge in the market as tariff lines will fall to 0-5 percent over the next seven to 10 years. At the Vietnam-EU Trade Forum held by the Ministry of Industry and Trade’s Department of European-American Market in Hanoi on December 6, Deputy Minister Cao Quoc Hung stressed that the EU is a prosperous economic bloc, with a gross domestic product (GDP) accounting for 23 percent of the world’s economy, and an income per capita mounting to 40,890 USD. With 28 member states, the EU’s total population reaches some 516 million people with high demand for imports, including farm produce. Meanwhile, more than 10 key Vietnamese … [Read more...] about Vietnamese farm produce holds huge potential in EU market
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Bulgaria pledges best conditions for Vietnamese firms to enter EU market
Bulgaria’s Minister of Economy, Emil Karanikolov, has said that Bulgaria is willing to create the best conditions for Vietnamese businesses to expand their warehouses and network of export partners in the country, thereby facilitating their entry to the European Union (EU) market. An overview of the Vietnam-Bulgaria Business Forum - Photo: VOV Addressing the Vietnam-Bulgaria Business Forum in Hanoi on September 18, the Bulgarian official hailed Vietnam as not only a traditional trading partner but also an important partner of Bulgaria in Southeast Asia. Bulgaria is willing to support the specific initiatives of the two sides’ enterprises, as well as strengthen exchanges and cooperation between Vietnamese and Bulgarian companies, in order to improve the trade and investment ties between the two countries, he said. Karanikolov affirmed the Bulgarian side’s readiness to facilitate Vietnam’s investment in the areas of information technology, agriculture, … [Read more...] about Bulgaria pledges best conditions for Vietnamese firms to enter EU market
Farm produce needs to improve to unlock EU market
Việt Nam is one of the important suppliers of farm produce to the EU, ranking 12th among all exporting nations and meeting 2.2 per cent of the demand, above Thailand, New Zealand, Malaysia and Canada. — VNA/VNS Photo Viet Nam News HÀ NỘI — Việt Nam’s agricultural exports face a range of challenges and barriers in Europe due to new stringent food safety regulations. Trần Ngọc Quân, deputy director of the Ministry of Industry and Trade’s Department of European–American Markets, said once the European Union (EU)-Việt Nam Free Trade Agreement (EVFTA) takes effect, tariffs on Vietnamese farm produce would drop to 0-5 per cent over the next decade. Việt Nam is an important suppliers of farm produce to the EU, ranking 12th among all exporting nations and meeting 2.2 per cent of the demand, above Thailand, New Zealand, Malaysia and Canada. However, the EU has is focused on value, quality, … [Read more...] about Farm produce needs to improve to unlock EU market
Farm produce needs improved quality to unlock EU market
Harvesting durian fruits (Source: VNA) Hanoi (VNA) – Though Vietnam is strong in producing and exporting agricultural products, it is facing a range of challenges and barriers in Europe due to new stringent food safety regulations. Tran Ngoc Quan, Deputy Director of the Ministry of Industry and Trade’s Department of European–American Markets, said once the European Union (EU)-Vietnam Free Trade Agreement (EVFTA) takes effect, tariffs on Vietnamese farm produce will plunge to 0-5 percent over the next decade. Vietnam is one of the important suppliers of farm produce to the EU, ranking 12th among all exporting nations and meeting 2.2 percent of the demand, above Thailand, New Zealand, Malaysia and Canada. However, the EU has paid due attention to food value, quality, safety and hygiene and has issued stringent regulations on antibiotics, pesticides and tracing product origin. A representative from the Vietnam Trade Office in the EU said the bloc will … [Read more...] about Farm produce needs improved quality to unlock EU market
Exporters need to be more active to tap into EU market
By Thu Nguyet - The Saigon Times Daily Hai added that domestic exporters should improve the quality of their products in accordance with the EU’s requirements. Enterprises should appoint staff to update information relating to complex regulations, he said.Antonio Berenguer, trade counselor of the Delegation of the European Commission to Vietnam, agreed. “Many Vietnamese companies export up to 70% of their goods to the EU, so why don’t they have representatives in the market to learn about upcoming regulations to be well-prepared?” Berenguer said Vietnamese exporters could intervene to ensure EU regulations were fair if they knew beforehand. “In the EU, there are powerful business associations which provide us with information showing negative impacts on them from upcoming regulations. We make regulations fairer, based on their input. Vietnamese companies can do the same,” Berenguer said.He added … [Read more...] about Exporters need to be more active to tap into EU market
UK to access EU markets during Brexit transition
In a statement on phase two of Brexit, Mrs. May said the “soft Brexit” plan will make people see that the government can ensure a smooth Brexit process. She affirmed that during the transition, the UK will continue to access EU markets.The PM said the UK will prepare independent trade policies through dialogues, and may sign trade deals with third countries following Brexit. She said EU officials have agreed to possible trade deals with the UK. … [Read more...] about UK to access EU markets during Brexit transition
Timber exports to EU may hit US$1 billion
Experts forecast about US$1 billion worth of timber to be exported to the EU annually by 2020, according to an official of the Vietnam Timber and Forest Association.Nguyen Ton Quyen, vice-chairman and general secretary of the association, said for many years, export value of timber and wooden products from Vietnam to EU reached at annual average about US$650-700 million.The EVFTA, expected to come into effect next year, will create a positive impact on the Vietnamese timber industry. At present, Vietnam’s timber and wooden products are exported mainly to Germany, France, Spain and Italy, but with EVFTA, the export market would be expanded to other EU member countries.In fact, demand for timber products in the EU has been about US$80-85 billion per year. That is much larger than Vietnam’s export value of timber and wooden products to the EU.EU timber processing technology boosts productivity by up to about 15-20%, he said. Under the EVFTA, together with a zero tax rate, … [Read more...] about Timber exports to EU may hit US$1 billion
Timber exports to EU may hit $1b
HÀ NỘI — The EU-Vietnam Free Trade Agreement (EVFTA) is expected to create a breakthrough for timber and wooden products. Experts forecast about US$1 billion worth of timber to be exported to the EU annually by 2020, according to an official of the Vietnam Timber and Forest Association. Nguyễn Tôn Quyền, vice-chairman and general secretary of the association, said for many years, export value of timber and wooden products from Việt Nam to EU reached at annual average about $650-700 million. The EVFTA, expected to come into effect next year, will create a positive impact on the Vietnamese timber industry. At present, Việt Nam’s timber and wooden products are exported mainly to Germany, France, Spain and Italy, but with EVFTA, the export market would be expanded to other EU member countries. In fact, demand for timber products in the EU has been about $80-85 billion per year. That is much larger than Việt Nam’s … [Read more...] about Timber exports to EU may hit $1b
Japan and EU hail creation of a ‘gigantic economic zone’ as trade talks conclude
The deal, which the EU called its biggest ever, must be signed and ratified by both sides. The broad outlines of the deal were agreed to in July. Once completed, it will forge an economic zone of 600 million people worth 30 percent of global GDP.After the announcement was made late Friday, Prime Minister Shinzo Abe hailed the imminent birth of what he called a “gigantic economic zone” as he confirmed that the negotiations had been concluded.“Japan and the EU will join hands and build an economic zone based on free and fair rules,” Abe told reporters in Tokyo Friday.Abe and European Commission chief Jean-Claude Juncker said earlier that the agreement, which was four years in the making, had “strategic importance” beyond its economic value.“It sends a clear signal to the world that the EU and Japan are committed to keeping the world economy working on the basis of free, open and fair markets with clear and transparent rules fully respecting and … [Read more...] about Japan and EU hail creation of a ‘gigantic economic zone’ as trade talks conclude
Slovakia Opens up Business Opportunity with EU Market
Slovakia will be a gateway for Vietnamese businesses to make inroads into the European Union (EU) market, and the country also supports strengthening the Vietnam - EU relationship, and signing and ratifying the Vietnam - EU Free Trade Agreement (EVFTA), said Slovakian Deputy Prime Minister Peter Pellegrini in a conversation with correspondents of Vietnam Business Forum on the sidelines of recent Vietnam - Slovakia Economic Forum in Hanoi. Anh Phuong reports. What do you think of Vietnam - Slovakia economic and commercial cooperation prospects in the coming time? In the first ten months of 2017, the figure was over US$630 million, up nearly 80 per cent over the same period of 2016, making Slovakia one of Vietnam's most important trading partners in Central and Eastern Europe.What are Slovakia’s major investment projects in Vietnam and vice versa? According to reported data, as of October 2017, Slovakia had nine effective direct investment projects with a total registered capital … [Read more...] about Slovakia Opens up Business Opportunity with EU Market