Vietnamese businesses should prepare to deal with potential trade barriers that could arise early next year when the historic EU-Việtnam Free Trade Agreement (EVFTA) takes effect. Phạm Bình An, director of the HCM City International Integration Support Centre, said the EVFTA trade deal was expected to increase Việtnam’s GDP by 4.3 per cent by 2030, and exports to the EU could surge by about 44 per cent by 2030.
According to recent data from the Provincial Competitiveness Index Report, only 1.55 per cent of Vietnamese enterprises surveyed had in-depth knowledge of the EVFTA. More than 65 per cent of the surveyed enterprises had only heard of it briefly.
Việtnam is among the top 10 exporting countries to the EU. Within ASEAN, Việtnam is EU’s second biggest trade partner and largest exporter of goods. The signing of EVFTA would provide great opportunities for Vietnamese agricultural products, footwear, textiles, computers, plastic products, and seafood.