EVFTA Opens New Chapter in EU-Vietnam Trade Relations
The EVFTA is an ambitious pact providing almost 99% of elimination of custom duties between the EU and Vietnam. The EVFTA, at its core, aims to liberalize both tariff and non-tariff barriers for key imports on both sides & For Vietnam, the tariff elimination will benefit key export industries, especially for Vietnam Garment Industry. Increasing Vietnam’s export volume to the EU, the FTA will facilitate the expansion of these industries, both in terms of capital and increasing employment. Both Vietnam and the EU have articulated a timeframe by which they have committed to liberalize all tariffs. Key among these commitments is a seven year timeline for Vietnam Garment Industry. As a large proportion of Vietnam’s exports to the EU are consumer goods like Clothing / Textile / Apparel, the FTA could significantly increase the trade volume. Consular transactions are no longer needed under the FTA while consular authentication will not be required three years the FTA is in effect. ht...
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