The customs sector has committed to creating optimal conditions for local businesses to enjoy when conducting customs clearance procedures once the European Union-Vietnam Free Trade Agreement (EVFTA) comes into force on August 1, says Deputy General Director of the General Department of Vietnam Customs Luu Manh Tuong.

Approximately 220 tariff lines of aquatic products with basic tax rates of 0 - 22% are set to be slashed to 0% immediately after the European Union-Vietnam Free Trade Agreement (EVFTA) comes into effect, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

In nearly a month, the Vietnam-EU Free Trade Agreement (EVFTA) will take effect. However, information shared by the leader of the Multilateral Trade Policy Department (Ministry of Industry and Trade) at the conference “Effectively taking full advantage of the EU-Vietnam Free Trade Agreement (EVFTA): Development opportunities for Vietnamese firms after the Covid-19 shock" was attractive.

Rice quotas for Vietnam under the EVFTA are expected to push Vietnam's rice exports up from the second half of this year, according to the Ministry of Industry and Trade (MoIT).

Over the past years, with the advantage of a potential distribution market thanks to a large population size of 96 million people, and young population structure with 60 percent of the population at the age from 18 to 50, along with other favorable factors, the wave of domestic and foreign direct investment capital has continued to pour into the retail industry of Vietnam.

Deputy Minister of Industry and Trade Tran Quoc Khanh emphasised: ".... If you want a good harvest, you have to get up early to go to the fields.”

On June 30, the European Chamber of Commerce in Vietnam (EuroCham) and the Prime Minister’s Advisory Council for Administrative Procedure Reform (ACAPR) co-organized a special dialogue in Hanoi.

Vietnam's 10-billion-dollar export commodities such as fisheries, leather and footwear are full of hope the Vietnam-EU Free Trade Agreement (EVFTA) that will be effective in the next one month will bring a positive impact toexports. However, there are still many concerns about non-tariff issues that enterprises have to face to take advantage of the new opportunities.

In the framework of the EU – Vietnam Free Trade Agreement (EVFTA), the European Union (EU) has committed to giving a tariff rate quota (TRQ) for 14 goods items from Vietnam.

Mr. Tran Tuan Anh, Minister of the Ministry of Industry and Trade (MoIT), said that after the EU-Vietnam Free Trade Agreement (EVFTA) takes effect in early August, Vietnam's agro-forestry-aquatic products can access a potential market with more than 500 million people and gross domestic products of over US$18 trillion.