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| Vietnamese firms were once again urged to pay special attention to improving product quality to utilise opportunities under the free trade agreement (FTA) with the European Union (EU). — VNA/VNS Photo |
HA NOI (Biz Hub) — Vietnamese firms were once again urged to pay special attention to improving product quality to utilise opportunities under the free trade agreement (FTA) with the European Union (EU).
Tran Ngoc Quan, deputy director of the EU Market Department under the Ministry of Industry and Trade, said at a conference held yesterday by the Viet Nam Trade Promotion Agency in Ha Noi that the Viet Nam-EU FTA was expected to increase Viet Nam's exports to this market by 4-6 per cent each year.
The FTA was an opportunity to increase the export of Viet Nam's products, such as garments and textiles, footwear and seafood, to one of the most demanding markets in the world, which would help extend the reach of Vietnamese products globally, Quan said.
Transparency and protection of consumer rights were of great importance when exporting to the EU. "Products of firms which do not pay adequate attention to social responsibility and environment will hardly stand a chance in the EU market," Quan said.
In order to utilise opportunities due to the liberalisation of 90 per cent of tariff lines, Quan said firms should promote trade promotion activities along with improving their product quality.
According to Trinh Thi Thu Hien from the Viet Nam Trade Promotion Agency, a certificate of origin (C/O) was necessary for firms to enjoy preferential tariffs.
It was important that firms actively study C/O requirements of the FTA and take action accordingly, Hien said.
Nguyen Thi Thu Trang, director of WTO and the Integration Centre, said opportunities were available but firms' awareness about integration remained low. "If no improvements are made, firms could make use of only 30 per cent of the opportunities," Trang said.
The EU is the biggest importer of Vietnamese goods and the second largest trade partner of Viet Nam.
In the first half of this year, bilateral trade between Viet Nam and the EU reached US$212 billion, rising by 9.35 per cent over the same period last year.
Viet Nam's exports to the EU were $162 billion in the period, up 9.5 per cent. — VNS