Eu market

Peter Bernhardt, team leader of the ARISE+ Vietnam project Since coming into force in August 2021, the EU - Vietnam Free Trade Agreement (EVFTA) has become an effective tool for boosting trade ties between the EU and Vietnam. What should Vietnam pay attention to in order to benefit more from this deal? I agree that the overall picture of EVFTA performance in this starting period, where exporters and government authorities from both sides have to adapt to the new situation, looks definitely promising. The EVFTA is the most ambitious FTA that the EU has ever signed with a developing country. The deal will mutually lift about 99 per cent of the tariffs within 10 years. Duty was lifted from 65 per cent of EU exports to Vietnam and 71 per cent of Vietnamese exports to the EU, immediately after the EVFTA came into effect. As most Vietnamese exporting products are consumer products, the real challenge Vietnam exporters will face to comply with EU consumer protection regulations is … [Read more...] about EU supporting comprehensive implementation of the EVFTA

Processing Tra fish (Photo: VNA) HCM City (VNA) – Seafood shipments overseas have risen in the first half of 2022, and experts say Tra fish exports can increase the market share in the EU, while that of shrimp has a lot of room for growth in Canada. According to the Vietnam Association of Seafood Exporters and Producers (VASEP), as of May, the value of frozen Tra fish exports to the EU this year reached 76.8 million USD, up 95% year-on-year. This means the market has bounced back after a two-year downturn due to the COVID-19 pandemic. The Netherlands remains the biggest market in the EU for the Vietnamese products, while positive signals are coming from the shipment of frozen Tra fish to Germany, Spain, and Belgium. In addition to the bloc, Vietnamese Tra fish exporters have also stepped up their activities in Mexico, Egypt and Thailand. As of mid-May, Vietnam exports shipped to Mexico are at 45.6 million USD, up 70% year-on-year. VASEP said the Mexican market … [Read more...] about Seafood export takes larger bite out of foreign markets

A historic agreement The European Union (EU) and the Association of Southeast Asian Nations (ASEAN) started negotiations for a region-to-region free trade agreement in 2007. After negotiations were suspended in 2009, the EU decided to pursue bilateral trade agreements with the individual ASEAN member states. Negotiations between the EU and Vietnam on a free trade agreement were launched in 2010. Following the completion of technical discussions, talks were finalized in December 2015. In February 2016, the full text of the EVFTA was published. However, the official signing of the trade deal was delayed due to the pending judgment of the Court of Justice of the European Union (CJEU) on jurisdiction for the conclusion of the EU-Singapore Free Trade Agreement. To take the 2017 CJEU opinion into account, the original deal was split into the EVFTA and the EU-Vietnam Investment Protection Agreement (EVIPA) in June 2018. Both agreements were signed on June 30, 2019 in Hanoi. The European … [Read more...] about EU trade deal offers opportunities to increase exports

The US, China, and the EU remain the three largest markets for Vietnamese cashew, accounting for 26.8 percent, 17.7 percent, and 20.5 percent of the total export value of the cashew industry of Vietnam, respectively. Cashew nut exports to the US market declined by 10.1 percent in volume and 30.5 percent in value over the same period last year. Cashew nut exports to the EU market surged by 14 percent in volume but dropped by 21.2 percent in value. Cashew nut exports to China jumped by 136.4 percent in volume and 140.2 percent in value. Meanwhile, Vietnamese cashew processing enterprises imported 480,000 tons of raw cashew in April, spending up to $772 million, a sharp increase of 375 percent in volume and 470.5 percent in value compared to that in April last year. In the first four months of this year, Vietnam imported a total of 1.19 million tons of raw cashew, with a value of up to $1.88 billion, up 300 percent in volume and 323.5 percent in value over the same period last year. … [Read more...] about Vietnamese cashew industry sees trade deficit for the first time

Marcel Schröder, Economist, Economic Research and Regional Cooperation Department Asian Development Bank At the beginning of the conflict, the crude oil price breached $130 per barrel in March, the highest since 2008. Since then, it retreated to about $100 in April, before rising again to $120 following the European Union’s partial ban on Russian oil in May. Some worry that the oil price could spike to $200 per barrel in the coming months and how such a shock would impact the economic prospects of Asia’s developing countries. While many institutions, including ours, project a significantly higher oil price in 2022 compared with 2021, these predictions do not foresee $200 per barrel because they attach a low probability of a sudden shock to the global oil supply. A sudden shock is unlikely given the EU’s decision to gradually phase out Russian oil imports by the end of 2022, allowing an orderly transition to alternative supplies and keeping prices stable and affordable for … [Read more...] about Additional oil spike impacts cannot be ruled out

Wood products to be exported to the EU. — VNA/VNS Photo HÀ NỘI — Việt Nam is set to grant a licence under the Voluntary Partnership Agreement/FAO-EU Forest Law Enforcement, Governance and Trade (FLEGT) Programme to wood exports in 2025, after it completes preparing necessary conditions, reported a Government official familiar with the sector. Bùi Chính Nghĩa, deputy general director of the Vietnam Administration of Forestry, reported the new developments at a June 17 workshop held by the administration, the Vietnam Timber and Forest Product Association, and the Association of Handicraft and Wood Industry of HCM City (HAWA). He pointed out that despite an annual double-digit growth rate, the country’s wood industry is still facing numerous challenges in 2022. Apart from the pandemic, escalating political tensions have caused more challenges to supply chains, soaring logistics costs and material prices have resulted in higher input costs. Inflation in key export markets … [Read more...] about Việt Nam to grant FLEGT licence to wood exports in 2025