Gov’t chief approves plan to implement EVFTA

Under the plan, the Government chief urged ministries, agencies and localities to focus on dissemination of the trade deal contents and market information of the European countries, legislation building, competitiveness sharpening, and human resource development.

Ministries, agencies and localities shall have to develop programs to support and enhance competitiveness for sectors and businesses, especially small and medium-sized enterprises in order to help them participate in the regional and international value chains.

They are also requested to introduce measures and mechanisms to encourage connectivity between domestic and foreign-funded enterprises to formulate and develop supply chains.

The official signing of the trade pact in Ha Noi on June 30, 2019 marked the new turning point in the Viet Nam-EU relations as it is expected to broaden opportunities for the two sides’ businesses, particularly it offers chances for economic recovery in the post-Coronavirus period.

Under the agreement, Viet Nam will cut 65 percent of import tax on EU commodities right after the deal takes effect, while the rest will be erased in a 10-year period.

Meanwhile, the EU will cut more than 70% of tariff on Viet Nam’s commodities right after the deal takes effect, while the rest will be abolished in the seven subsequent years./.