EVFTA serves as a leverage for Vietnamese, EU firms: Forum
Vietnam has become the largest commodity trade partner of the European Union (EU) in ASEAN just one year after the EU-Vietnam Free Trade Agreement (EVFTA) took effect, Deputy Minister of Industry and Trade Dang Hoang An said on October 27.
An automobile production line (Illustrative photo: VNA)
Hanoi (VNA) – Vietnam has become the largest commodity trade partner ofthe European Union (EU) in ASEAN just one year after the EU-Vietnam Free TradeAgreement (EVFTA) took effꦗect, Deputy Minist🍃er of Industry and Trade Dang HoangAn said on October 27.
Hemade the remark during the Vietnam-EU Trade Forum titled "EVFTA – Leverage forTrade and Investment Cooperation in the New Normal’ jointly held by theMinistry of Industry and Trade (MoIT) and the European Chamber of Commerce (EuroCham) inHanoi. The two sides can be optimistic about a strong surge in the Vietnam-EU trade and investmentcooperation development in the new normal, An affirmed.
Deputy Minister of Industry and Trade Dang Hoang An (Photo: VNA)
He said that the MoIT and trade offices of Vietnam in the EU will stand side by side with businesses of the two sides to maximiseopportunities offered by the EVFTA, thereby creating favourable conditions tofoster trade and investment and address difficulties.
Businesses are urged to take the initiative in innovating themselves, raisingcapacity and adjusting business strategies to quic🦋kly adapt to the new situation.
Witha strong commitment to ensuring transparency, openness and favourable conditions inthe trade and investment environment, Vietnam has gained access to high-quality investment sourcesfrom the EU with projects using advanced technologies. In particular, as traditional trade methods are hindered by the COVID-19 pandemic, e-commerce hasbecome a bright spot, becoming one of the prioritised fields in thepost-pandemic economic recovery strategy. Manydomestic and foreign experts voiced their optimism about prospects for economicrecovery and growth of EU-Vietnam trade and investment relations in the new normal. They also pointed out challenges in the coming time. Vietnam was advised to build scenarios suitable for adapting to the new situation in aflexible and effective manner and seize all possible resources for economicrecovery and growth, as well as address bottlenecks for businesses.
Ambassador Giorgio Aliberti, Head of the EU Delegation to Vietnam (Photo: VNA)
Ambassador Giorgio Aliberti, Head of the EU Delegation to Vietnam, said the EVFTA is projected to bolsterthe export of Vietnamese fruits and farm produce to the EU. However, firms have beenfacing obstacles in entering the EU market due to complicated procedures.
EuroChamChairman Alain Cany stressed that the two sides need to closely cooperate with each other inresolving current issues, saying that with various advantages, Vietnam haschances in attracting new foreign investment inflows from European investors whoare seeking a stable, safe, prosperous and competitive destination./.
Vietnam exported 15,870 tonnes of tuna worth 73.33 million USD to the European Union in the first half of 2021, up 39.3 percent and 31.6 percent, respectively, against the same period last year, according to a journal published by the Ministry of Industry and Trade (MoIT).
The EU-Vietnam Free Trade Agreement (EVFTA) has brought about a range of opportunities for German investors in Vietnam after it came into force more than one year ago.
Vietnam has taken various measures in a bid to protect the interest of Vietnamese products and exporters in the EU markets, according to the Trade Remedies Authority of Vietnam under the Ministry of Industry and Trade (MoIT).
Given the COVID-19 epidemic, the EU-Vietnam Free Trade Agreement (EVFTA), which entered into force in August 2020, has helped to boost two-way trade and buffer the impact of the economic downturn, according to an article posted on October 13 by The Business Times of Singapore.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
The Prime Minister emphasised the significance of maintaining macroeconomic stability, controlling inflation, promoting growth, and improving the harmony between monetary and fiscal policies.
Petrovietnam will step up the development of new products and the expansion of international markets to reduce reliance on the domestic market. It also plans to optimise capital use, manage cash flow and costs, streamline operations, and enhance workforce quality to achieve its 2025 goals.
Vietnam has so far attracted 43,346 valid FDI projects with a total registered capital of 517.14 billion USD. The accumulated disbursed capital is estimated at nearly 331.46 billion USD, accounting for 64.6% of the total registered capital.
More than a product showcase, Vietfood & Beverage – Propack Vietnam 2025 is designed as a comprehensive ecosystem where businesses, experts, and consumers can share knowledge, explore technologies, and connect for collaboration.
Both sides expressed their hope that the outcomes of the discussion will continue to improve the efficiency of customs clearance activities at the customs clearance points and dedicated transport routes of the Huu Nghi – Youyi Guan international border gate pair.
The maximum retail price of E5 RON92 petrol has increased by 207 VND to 19,608 VND (0.75 USD) per litre while that of RON95-III rose by 234 VND to 20,074 VND per litre.
An automobile production line (Illustrative photo: VNA) 
Deputy Minister of Industry and Trade Dang Hoang An (Photo: VNA) 
Ambassador Giorgio Aliberti, Head of the EU Delegation to Vietnam (Photo: VNA) 
