Wood products for export at a factory of Truong Phat JSC in Phuoc Hoa Industrial Park, Phu Giao district, Binh Duong province. (Photo: VNA) Hanoi (VNA) – Vietnam and the European Union (EU) last week signed a landmark free trade deal that will slash tariffs on almost all goods, including wood and timber products. It is expected to give Vietnamese wood exporters better market access and more opportunities to expand their business. The EU is among the top five buyers of Vietnamese wood and timber products, accounting for 13 – 17 percent of Vietnam’s wood exports. In 2018, Vietnam’s export of wood and timber products reached a record value of 9.3 billion USD, 900 million USD of which was to the EU. The UK was the largest EU importer where Vietnam shipped 36.2 percent of its exports, worth 289 million USD, followed by France, Germany and the Netherlands. According to the EU-Vietnam Free Trade Agreement (EVFTA), the EU will eliminate duties on many Vietnamese wood and timber products. For example, duties on plywood and particle boards from Vietnam will be cut from 7 percent to zero percent after five years while the 2 percent tariff on wooden kitchenware will be… Read full this story
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