Financial Times reports on Vietnam-EU free trade deal
The Vietnam-EU FTA was finalised earlier this month, yet textiles remain a sticking point as EU negotiators fear China will use Vietnam as a backdoor for cheap textile imports into the EU.
The Vietnam-European Union (EU) Free Trade Agreement (FTA) was finalised earlier this month, yet textiles remain a sticking point as EU negotiators fear China will use Vietnam as a backdoor for cheap textile imports into the EU, United Kingdom-based Financial Times reported.
The FTA has opened up one of Asia’s fastest-developing economies and a market of more than 90 million consumers to European companies, the newspaper said in an article titled “Brussels seals trade accord with Vietnam” on August 4.
The paper cited the International Monetary Fund (IMF)’s forecast that Vietnam’s economy will continue to grow over the next five years thanks to strong exports, young population and an increasing focus on technology.
More than 31 million jobs in Europe depend on exports, making easier access to Vietnam’s market great news for the EU, particularly European clothing, footwear and sportswear firms who will benefit from the slashed tariffs on goods made in their Vietnamese factories, EU Trade Commissioner Cecilia Malmstrom was quoted as saying.
The deal, which is still pending approval from the EU parliament, will remove 99 percent of tariffs between Europe and Vietnam over the next few decades, the article noted.
Trade between the two sides exceeded 28 billion EUR last year. Of the figure, the EU imported 22 billion EUR worth of commodities from Vietnam and is now Vietnam’s second largest trade partner after China.
Worrying that China will use Vietnam as a conduit to flood EU markets, the EU has introduced strict “rules of origin” safeguards to ensure that raw materials from China will undergo required workmanship in Vietnam before they can be re-exported to Europe.
The EU believed that the FT🌞A would aꦺllow its companies to bid for major public contracts such as roads and ports in Vietnam and open doors for service sectors such as banking and insurance.-VNA
Minister of Industry and Trade Vu Huy Hoang and European Commissioner for Trade Cecilia Malmstrom sought to boost Vietnam-EU Free Trade Agreement (FTA) negotiations during their working session in Kuala Lumpur on April 25.
Vietnamese businesses operating in Russia were updated on the Free Trade Agreement between Vietnam and the Eurasian Economic Union at a recent conference in Moscow.
Vietnam and the European Union (EU) have basically concluded negotiations on the bilateral free trade agreement (EVFTA), announced Vietnamese Minister of Industry and Trade Vu Huy Hoang on August 4.
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.
Textiles production in Vietnam. (Photo: VNA)
