Hanoi (VNA) – The European Union-Vietnam Free Trade Agreement (EVFTA), once taking effect, will help increase the competitiveness of Vietnam as well local enterprises and commodities, said Pham Tat Thang, a senior researcher at the Ministry of Industry and Trade’s Trade Research Institute.
In an interview granted to the Vietnam News Agency (VNA) following the signing of the EVFTA and the EU-Vietnam Investment Protection Agreement (EVIPA) on June 30, Thang said that thanks to the EVFTA, Vietnamese entrepreneurs will have more chances to get in touch with European counterparts.
“If we can bring the EU’s goods and high technologies to Vietnam, the competitiveness of Vietnamese commodities, enterprises and the nation will be improved,” he said.
For the EVFTA, Vietnam has had many expectations as the European market accounts for one-fourth of its export turnover, he said, adding that any products that are allowed to be exported to the EU can be sold at any places around the world.
To boost the country’s exports to the European market, Thang advised Vietnamese enterprises to improve themselves to overcome the market’s strict technical barriers.
He suggested local firms change their quality management and assessment systems, and focus on ensuring the enforcement of regulations related to food safety and hygiene, environmental protection, ozone layer protection and wild animal protection, among others.
Thang went on to say that as Vietnam is in the process of development, it needs much investment in infrastructure and hi-tech industry. Meanwhile, the EU has much capital and therefore, when the EVFTA and EVIPA become effective, more flows of capital from the EU will be poured into Vietnam.
However, to that end, Vietnam has to make thorough preparations in terms of basic infrastructure such as electricity, water, industrial zones and human resources to welcome European investors, he added.-VNA
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