Prime Minister Nguyen Xuan Phuc made the remarks at a teleconference on August 6 to discuss the implementation of the EU-Vietnam Free Trade Agreement (EVFTA), During his address, the Government chief described the recent trade deal as a new generation agreement which sets comprehensive high standards, whilst also boasting a large openness that balances the interests of both sides. Most notably for the country, a study by the Ministry of Planning and Investment indicates that under normal circumstances, the EVFTA has the potential to contribute to an average GDP increase of up to 3.2% over the first five years of its implementation. Indeed, this average GDP increase will rise to 5.3% over the subsequent five years and up to 7.72% ahead in the following five years. With a strong commitment to open markets and eliminating almost all import taxes on EU tariffs, the EVFTA is expected to provide a widow of opportunity for local enterprises to increase export turnover to the EU by 42% in 2025 and to nearly 45% in 2030 in comparison to the scenario without the agreement in place. In addition, the agreement will serve to increase the nation’s potential to attract greater FDI investment. Furthermore, the… Read full this story
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