Prime Minister Nguyen Xuan Phuc (middle) poses for a photo with delegates. — VNA/VNS Photo Thong Nhat Vietnamese enterprises have been urged to renovate their business strategies if they want to benefit from the EU-Viet Nam Free Trade Agreement (EVFTA), especially after the country opens the market for goods, services and investment to EU partners, forcing local businesses to compete directly with foreign peers at home. The trade deal took effect on August 1 after 10 years of negotiations. At a video conference on the action plan to implement the trade pact on August 6, Prime Minister Nguyen Xuan Phuc re-emphasised EVFTA is a “highway” to promoting economic growth, opening up great opportunities for Vietnamese firms to enter the EU market with a combined GDP of US$15 trillion. But this is also a market with high standards and strict import requirements so there will be no room for businesses that are impatient and lack creativity. “The EVFTA is a condition for Vietnamese businesses to upgrade themselves to join the global supply chain, especially when many EU corporations are planning to move production bases to Viet Nam,” PM Phuc said. The Prime Minister pointed out the biggest obstacles including limited awareness… Read full this story
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