BizInfo Reaping the benefits of EVFTA for Vietnam’s development – Where Bosch stands in the process Wednesday, Nov 25, 2020,11:12 (GMT+7) Reaping the benefits of EVFTA for Vietnam’s development – Where Bosch stands in the process Starting in August 2020, the long-awaited European Union – Vietnam Free Trade Agreement (EVFTA) has finally come into effect, which would have direct impacts on Vietnam’s economic development and strategic position in the global economy. Mr Guru Mallikarjuna – Managing Director of Bosch Vietnam shared his opinion with the Saigon Times. This ambitious trade deal grants Vietnam with almost unfettered access to the EU’s over 700-million-people economy by eliminating the majority of tariff and non-tariff barriers after 10 years, thus boosting Vietnam’s exports to the EU by 18% or Euro 15 billion by 2035 . According to Vietnam’s Ministry of Industry and Trade (MOIT), EVFTA would contribute to the annual GDP growth of up to 3.2%, 5.3%, and 7.7% after 5, 10, and 15 years of implementation respectively . Furthermore, expanding bilateral trade in intermediate goods and services with the EU is a prime opportunity for Vietnam, especially for local small and medium enterprises (SMEs), to enhance a strategic position in the Global Value Chain (GVC). Now with… Read full this story
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