WHAT DO VIETNAMESE BUSINESSES NEED TO DO TO TAKE ADVANTAGE OF OPPORTUNITIES FROM THE EVFTA AGREEMENT?

Firstly, businesses need to actively seek information about the EVFTA Agreement in order to fully grasp Vietnam's commitments and the EU's commitments, especially the information on tax incentives under this Agreement for those Our products have strengths or potential for export in the near future. The main contents of the Agreement have now been posted on the official website of the Ministry of Industry and Trade here. This is a useful reference channel for businesses to learn about EVFTA.

Secondly, the preparation should be carried out comprehensively from studying opportunities and challenges of the EU market to solutions such as improving the quality and design of products; promote competitive advantage, increase performance, etc. It should be noted that in order to take advantage of the preferential treatment from the Agreement, enterprises need to ensure that their products meet the requirements of rules of origin and of EU technical standards.

Thirdly, businesses also need to change business thinking in the new context, taking the pressure of competition as a motivation for innovation and development. EVFTA will certainly bring opportunities for businesses to actively respond to changes in the business environment brought about by the process of international economic integration through the development and adjustment of business plans for the period of middle and long-term segments to promote the flow of goods into the EU market.

Source: http://evfta.moit.gov.vn/

Publication date: 12 February, 2020