With the European-Vietnam Free Trade Agreement (EVFTA) set to come into force on August 1, many of the country's key commodities such as seafood and wood products are anticipated to enjoy numerous incentives from the trade pact, according to insiders.

The European Union – Vietnam Free Trade Agreement (EVFTA) not only promotes trade and investment growth between Vietnam and the EU but also creates a driving force to boost cooperation in improving growth quality, towards sustainable development, experts said.

Nearly 150 businesses in Hanoi, Binh Phuoc, Ho Chi Minh City and Europe were brought together at an online forum on July 29 to get the latest updates on cooperation opportunities to be presented by the EU-Vietnam Free Trade Agreement (EVFTA).

Reforming administrative procedures and improving infrastructure quality are decisive factors in capitalising on the EU-Vietnam Free Trade Agreement (EVFTA), heard a dialogue between officials of Ho Chi Minh City and the European Chamber of Commerce in Vietnam (EuroCham) on July 28.

A training workshop called “Agricultural Production and Trade Companies - Actions to Access the EU-Vietnam Free Trade Agreement (EVFTA)” took place in Hanoi on July 30, gathering together officials from the sector, representatives of relevant organisations, and businesses.

The EU has always been the second-largest market of Vietnam's aquatic export. When the Vietnam - EU Free Trade Agreement (EVFTA) takes effect, aquatic exports to the EU are expected to grow robustly.

Vietnam’s economy is expected to gain enormously from the FTA with the EU. However, the country will face major criticism unless it adopts labor and human rights reforms.

The implementation of the EU-Vietnam Voluntary Partnership Agreement on Forest Law Enforcement, Governance and Trade, along with the EU-Vietnam Free Trade Agreement, are expected to boost the value of local timber and help wood items penetrate new demanding markets.

The Vietnam Trade Promotion Agency (Vietrade) is able to coordinate with and create the necessary conditions for Vietnamese and Dutch companies to enhance business links, Vietrade Deputy Director Le Hoang Tai has said.

Vietnamese goods are likely to face intense competition once the EU-Vietnam Free Trade Agreement (EVFTA) takes effect in early August, economists have forecast.