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EVFTA proves Vietnam's socio-political achievements
EVFTA proves Vietnam's socio-political achievements
30/6/19
A ceremony was held on June 30 in Hanoi for the
signing of the EU – Vietnam Free Trade Agreement and the EU – Vietnam
Investment Protection Agreement. Prime Minister Nguyen Xuan Phuc witnessed the
signing.
After nine years of negotiation, the EU – Vietnam
Free Trade Agreement (EVFTA) was officially inked. Vietnam is the fourth
country in Asia-Pacific and the second in ASEAN signing the deal.
Once the EVFTA takes effect, over 99 percent of
tariff on goods from both sides will be lifted, thus helping to improve
competitiveness as well as market share of Vietnamese products in the EU
market. The EVFTA and EVIPA are of high standards and the most ambitious
agreements concluded between the EU and a developing country.
After the signing, the EVFTA and EVIPA are expected
to be submitted to the European Parliament for approval.
Signing a free trade agreement with the EU (EVFTA)
is extremely important, especially at the moment when more and more people in
the world are looking at protectionism. The agreement is a strong and positive
sign in demonstrating Việt Nam’s policy of supporting free trade, said Ousmane
Dione, World Bank Country Director for Việt Nam.
"Every agreement comes with both opportunities
and challenges and the question here is how Việt Nam can grasp these
opportunities," Dione said, emphasising that the agreement can help Việt
Nam diversify trade partners and Vietnamese products can reach different
markets, generating revenue and bringing more wealth to Việt Nam.
However, Dione said it would also come with a number
of standards which Vietnamese products have to meet and this would
provide a golden opportunity for Việt Nam and enterprises to take bold
actions to mordernise and improve national standards to be competitive.
At present, Việt Nam has an abundant and
“golden-age” labour force who have knowledge and are adaptable but they are
also ageing very quickly. The trade agreement with the EU could be a catalyst
for Việt Nam to accelerate further to build human capacity and modernise
different production systems to be able to compete and become an export leader
in some specific sectors.
To do that, the Vietnamese Government should have
reforms targeting small- and medium-sized enterprises (SMEs) and build the link
between specific areas such as foreign invested companies and domestic private
enterprises in order to level them up. The Government should give more
incentives to help SMEs acquire knowledge, adopt new technology and get support
from FDI enterprises./.
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