The minister said Vietnam could also become the most promising destination in Southeast Asia for European businesses.
According to the Ministry of Industry and Trade (MoIT), the country may serve as an entry point for EU trade to ASEAN.
Once effective, the EVFTA will encourage investment from the EU into Vietnam and create opportunities for the two sides to access each other’s market, the ministry said.
The EU will eliminate about 85.6 percent of tax lines on Vietnam’s exports, with the rate increasing to 99 percent seven years later.
Meanwhile, Vietnam will liberalise 65 percent of import duties on EU exports. In another 10 years, about 99.8 percent of EU goods exported to Vietnam will enjoy a zero percent tax rate.
Statistics released by the MoIT show that the Vietnam-EU trade grew by 8.93 percent in 2016 compared with the previous year to reach 45.07 billion USD.
Bilateral trade expanded by 16.2 percent year-on-year in the first five months of 2017.
Of the figure, Vietnam’s exports to the EU rose 4.2 percent, mostly apparel, footwear, agro-forestry-aquatic products and computers, while its imports from the EU rose 14 percent, including machinery, equipment, pharmaceuticals and dairy products.
The country’s major importers were Germany, the UK, France, Italy, the Netherlands and Spain.
With a population of more than 500 million, the EU is an attractive market for Vietnamese products like garments, garments-textiles, seafood and coffee.
With the two sides’ commitment to opening up the market, two-way trade revenue is hoped to hit about 100 billion USD annually.
However, Vietnamese businesses are expected to face fierce competition, forcing them to improve their operations.
At the same time, the Vietnamese Government plans to fast-track institutional reform and complete the legal framework to catch up with the development pace and requirements of both domestic and global economies, the ministry said.
VNA
(seafood.vasep.com.vn) The US remains Vietnam’s largest single market for shrimp imports, accounting for 20% of Vietnam's total shrimp exports globally. As of October 15th, 2024, Vietnamese shrimp exports to the US reached nearly 600 million dollas, marking a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) According to Vietnam Customs, pangasius exports to Canada reached over 1 million USD in the first half of October 2024, a 33% decrease compared to the same period last year. However, by October 15, 2024, total pangasius exports to Canada had reached 32 million USD, reflecting a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) Cà Mau is accelerating its digital transformation, developing green industries, and promoting high-tech processing of agricultural and aquatic products, with a focus on sustainable economic growth and environmental protection.
(seafood.vasep.com.vn) The Dong Thap Pangasius Festival 2024, themed 'Dong Thap Pangasius: Green Journey - Green Value', will take place on November 16-17 in Hong Ngu City.
The positive business momentum in the domestic seafood sector could last into the first half of 2025, according to experts.
(seafood.vasep.com.vn) In the first three quarters of 2024, brackish water shrimp production exceeded 1.1 million tons, with export revenue reaching $2.8 billion. The seafood industry has set a target of $4 billion for shrimp exports for the entire year.
While the price of 1 kg of shrimp hovers around 20 USD, the value of 1 kg of chitosan—extracted from shrimp—can soar to 500 USD. This highlights a significant challenge within the seafood processing industry.
(seafood.vasep.com.vn) By October, Vietnam's shrimp exports had generated nearly $3 billion, reflecting an increase of over 10% compared to the same period last year. Shrimp remains the leading commodity contributing to the export turnover of the entire seafood industry.
(seafood.vasep.com.vn) Sao Ta Foods Joint Stock Company (FIMEX VN - HoSE: FMC) concluded Q3/2024 with significant growth in revenue. Specifically, Sao Ta Food recorded revenue of VND 2,845 billion, a 58.6% increase year-on-year. The company's profit after tax reached VND 95 billion, up 6.2%.
VASEP's Seafood Export Report for the third quarter of 2024 provides a comprehensive overview of Vietnam's seafood export performance in the first nine months, with impressive results reaching $7.2 billion—an increase of 9% over the same period last year. In the third quarter alone, seafood exports grew by 15%, totaling $2.8 billion. This growth is attributed to a recovery in demand and prices in key markets such as the U.S. and China, as well as the competitive advantage of value-added products in markets like Japan and Australia.
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