EVFTA: opportunity for Vietnamese businesses’ development after Covid-19

Monday, 2020-06-29 17:59:06
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The experts discussing at the conference (Photo: baotainguyenmoitruong.vn)
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NDO – A conference entitled “Effectively taking full advantage of the EU-Vietnam Free Trade Agreement (EVFTA): development opportunity for Vietnamese businesses after the shock of COVID-19” was held in Hanoi on June 29.

The event was organised by the Ministry of Industry and Trade, in collaboration with the Ministry of Finance, Vietnam Chamber of Commerce and Industry and Vietnam Television.

Speaking at the conference, Deputy Minister of Industry and Trade Tran Quoc Khanh said that the EVFTA will officially come into effect in a short time.

With its extensive commitments, the agreement is expected to boost bilateral trade and investment relations between Vietnam and the EU as well as the international economic integration of Vietnam, contributing to the country’s renewal and modernisation, he added.

The Deputy Minister also noted that the Covid-19 pandemic had strongly affected the economic and trade situation over recent times. Therefore, Vietnam’s total import-export turnover had decreased 2.8% by the end of May.

According to Deputy Minister Khanh, once it comes into effect, the EVFTA will create a driving force for Vietnamese enterprises to recover and develop business activities. They can participate in new supply chains to replace traditional supply chains that have been disrupted or stalled by the COVID-19 epidemic, while expanding and diversifying import-export markets.

He emphasised that the relevant ministries and agencies should quickly complete the implementation plan and issue essential legal documents as well as enhance exchanges within the business community to remove the difficulties in production and business activities.

Businesses should also carefully study the EVFTA’s content so that they can prepare the manpower, finance and other essential conditions to meet the requirements of the agreement and the EU market.

Pham Tuan Anh, Deputy Head of the International Cooperation Department under the Ministry of Finance, said the Ministry has proactively built and implement comprehensive plans under its charge.