Free trade agreement

With the EVFTA, almost all Vietnam’s export items to the EU would be exempted from import duties right after the deal takes effect or after just a short time. This is the highest benefit from an FTA that Vietnam has signed with the international community. The most beneficial sectors will be footwear, textiles and garments, agriculture, and seafood. The sectors bearing the brunt would be chemicals, transport means and equipment, processed food, and basic metal items. … [Read more...] about Scrutinising the implications of new deals on Vietnam’s economy

Hanoi (VNA) –Vietnam’s aquatic product exporters are being hit hard by the impacts of COVID-19, but there are still opportunities for domestic businesses despite the gloomy outlook, experts have said. They explained that the new coronavirus epidemic will hinder aquatic product exports from China – the world’s largest supplier with value exceeding 20 billion USD in 2017, thus leading to a global shortage.     As a result, Vietnamese fishery businesses should take this chance to diversify their markets, they suggested. Moreover, the EU-Vietnam Free Trade Agreement (EVFTA), which was ratified by the European Parliament on February 12, 2020, is expected to facilitate Vietnam’s export of aquatic products. After the pact comes into force, taxes imposed on some processed seafood products like oyster, cuttlefish and octopus will drop from 20 percent to zero. The zero percent tariff will also be applied to frozen cuttlefish, octopus, surimi, … [Read more...] about Aquatic product exporters seek ways to overcome COVID-19 impact

Hanoi (VNA) – Vietnam is targeting 2.4 billion USD from tra fish exports in this year, according to the Ministry of Agriculture and Rural Development. Tran Dinh Luan, deputy head of the Aquaculture General Department under the ministry, said the goal is totally within reach as all of Vietnam’s processing plants have reached the standard set by tough markets like the US, Japan and the EU. However, the official said, the focus will be on the deep processing and the further added value. Experts also echoed Luan’s view, arguing that the US-China trade war will have positive effects on a number of exports. As a result, the export of tra fish will enjoy more chances thanks to the demand increase in China. Besides, when the EU-Vietnam Free Trade Agreement is signed and brought into effect, the tax on this product will be reduced to zero percent in short periods of time. However, they also warned of the hurdles for the export of tra fish, including the programmes in Europe … [Read more...] about Tra fish exports target 2.4 billion USD

In the realm of agriculture, in August 2017, the ministry invited 30 Vietnamese businesses to participate in a seminar on trade and investment promotion in the Mideast, including Iran, Cuong said, adding that a number of enterprises will also attend another trade promotion event in Iran to be held by the MARD and the Ministry of Industry and Trade in November 2017.  He said the Department of Animal Health and the Plant Protection Department have been assigned to studying and removing technical barriers to animal health and plant protection so as to push export activities of the two countries.  … [Read more...] about Vietnam, Iran step up trade ties with hope for USD 2 bln value

The United Kingdom and the European Union begin post-Brexit trade talks on Monday. (Photo: AFP/Emmanuel Dunand) When Britain left the EU on Jan 31, both sides agreed to a standstill transition until December to strike a new economic and security partnership to replace 47 years of integration. … [Read more...] about UK talks tough on EU post-Brexit trade deal