10 August 2021, China: August 1st marked one year since the EVFTA came into effect. Luong Hoang Thai, Director of the Multilateral Trade Policy Department, Ministry of Industry and Trade, said that the EVFTA helps Vietnam remove tariffs, promote investment, promote mutual recognition of standards, and improve rules. origin and certificate of origin.
In addition, the agreement also improves the environment, facilitates trade, provides technical assistance to increase awareness and application of EU market standards. These are the basis for Vietnam to expand exports, attract investment and participate more deeply in the global value chain.
In the first 6 months of 2021 alone, the rate of taking advantage of EVFTA tax incentives for exports is up to 29.09%. Many key export agricultural and forestry products of Vietnam had significant growth compared to the same period in 2019.
Specifically, rubber products reached 61 million USD, up 56.91%; rice reached 5.2 million USD, up 3.73%; rattan, bamboo, sedge and carpet products reached 70.5 million USD, up 33.75%; vegetables and fruits reached 63.8 million USD, up 12.5%.
“Participating in the EVFTA gives Vietnam many opportunities to access high-tech fields, including agriculture. This is a potential field where our country can receive technology transfer, both in production and in production. processing,” said Mr. Thai.
As a new-generation free trade agreement (FTA) with high standards, comprehensive, deep and wide commitments, but at the same time ensuring a balance of benefits for both sides, the EVFTA is assessed to have plays a very important role in promoting economic and trade relations between Vietnam and the EU.
Vice President of the European Commission and High Commissioner for Trade of the European Union Valdis Dombrovskis highly appreciated the effective implementation of the EVFTA. He considers the EVFTA as one of the most successful and specific results for the cooperation relationship between the EU and Vietnam.
“Trade between the two sides has increased significantly in recent years and continues to develop in a positive direction. This agreement not only creates favorable conditions for businesses, but also promotes social values for the two sides. side”, Mr. Dombrovskis assessed.
In addition to a direct boost to the export of agricultural products, the EVFTA also creates innovation and resilience for Vietnam while integrating into the world economy. The Multilateral Trade Policy Department highlights five benefits, including: (1) Opening up channels to mobilize international investment capital; (2) Promoting technology transfer; (3) Supplementing goods for the domestic market. (4) Opening up many markets for import and export and international integration; (5) Motivating the transition from low-skilled to high-skilled.
Along with economic benefits, the EVFTA also promotes institutional reform. Particularly, the Ministry of Industry and Trade has further reduced 205 business conditions in the field of state management out of a total of 1,216 articles under the management of the Ministry.
On the Government side, Decree No. 45/2020/ND-CP on implementing administrative procedures in the electronic environment was soon issued. Along with that, the Program to reduce and simplify regulations related to business activities in the period of 2020-2025, focusing on reducing and simplifying at least 20% of regulations and 20% of related compliance costs. Regarding business activities for people and businesses, it is widely deployed in ministries, departments and branches.