Pharmaceuticals, milk, and livestock in for stiffer competition with EVFTA Pharmaceuticals, milk, and livestock will face increasing competitive pressure from imported products from the EU after the EU-Vietnam Free Trade Agreement (EVFTA) comes into effect, according to the latest report by VnDirect Securities Corporation. On February 12, the European Parliament ratified the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA). The two agreements are expected to boost trade and investment between Vietnam and the EU in the next decade and facilitate Vietnam to further integrate into the global supply chain. The reduction of tariffs on goods imported from the EU will increase the opportunities of Vietnamese businesses to access high-quality machines, equipment, and new technologies from Europe at lower prices. This will help Vietnamese businesses improve labour productivity as well as increase high-tech content, thereby opening opportunities for Vietnamese enterprises to integrate more deeply into the global value chain. However, the penetration of European goods into Vietnam will create competitive pressure forcing domestic manufacturers to reduce production costs while improving product quality. Finally, Vietnamese consumers will be the biggest beneficiaries. Accordingly, around half of EU pharmaceutical exports will be duty-free immediately, and the rest after seven… Read full this story
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