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Evipa

Vietnam hopes to earn tens of billions of USD from EVFTA implementation

June 12, 2020 by vietnamnet.vn

Vietnam will be able to reap fruit from the EVFTA if it can improve the legal framework and enhance implementation capability.

The World Bank has released a report showing that Vietnam’s GDP may increase by 2.4 percent and its exports may go up by 12 percent by 2030, or $31 billion, by just taking full advantage of the preferential tariffs stipulated in EVFTA.

Vietnam hopes to earn tens of billions of USD from EVFTA implementation

EVFTA and EVIPA would help Vietnam’s GDP increase by another 4.6 percent by 2025, and its exports to the EU increase by 20 percent by 2020, 42.7 percent by 2025 and 44.37 percent by 2030.

Prior to that, an MPI (Ministry of Planning and Investment) survey found that EVFTA and EVIPA would help Vietnam’s GDP increase by another 4.6 percent by 2025, and its exports to the EU increase by 20 percent by 2020, 42.7 percent by 2025 and 44.37 percent by 2030.

Benefits

Kim Chi

Filed Under: business EVFTA, EVIPA, tariff cut, vietnam economy, Vietnam business news, business news, vietnamnet bridge, english news, Vietnam news, vietnamnet news, Vietnam latest...

EVFTA to boost cooperation between French and Vietnamese businesses

July 10, 2020 by hanoitimes.vn

Vietnam is looking for cooperation with French companies in fields of renewable and green energies, hi-tech, agriculture, manufacturing and processing.

With the enactment of the EU – Vietnam Free Trade Agreement (EVFTA) and the EU – Vietnam Investment Protection Agreement (EVIPA), it is expected that more European businesses, French ones included, will be looking for strategic partnerships with Vietnamese peers to form new production and supply chains.

Overview of the online conference. Photo: MoIT.

The growing interest of French businesses presents opportunities for Vietnamese enterprises to further integrate into global value chains, but also requires them to change their business mindset, production method and corporate governance to meet strict requirements of the European market, said a representative of over 400 French companies participating at an online conference discussing the EVFTA impacts on July 8.

The event was the first of its kind held by Vietnam’s Ministry of Industry and Trade (MoIT) and a European country regarding the EVFTA, aiming to equip all parties involved with useful information before the deal comes into effect on August 1, 2020, stated the MoIT.

More French and European businesses will be looking for strategic partnership with local peers to form new production and supply chains. Photo: MoIT.

Minister of Industry and Trade Tran Tuan Anh said Vietnam is looking to cooperate with French companies in the fields of renewable and green energies, hi-tech, agriculture, manufacturing and processing, in which French companies have strong expertise.

The Vietnamese government would create the utmost conditions in terms of business environment, infrastructure conditions to boost cooperation between the two business communities, Minister Anh stated.

Trade between Vietnam and France more than tripled from US$1.6 billion in 2009 to US$5.3 billion in 2019, in which France is Vietnam’s third largest trading partner in Europe, only behind Germany and the Netherlands.

As of May, France has 588 ongoing projects in Vietnam with capital of a combined US$3.56 billion, being the second largest European investor in Vietnam, behind the Netherlands.

Due to Covid-19 damage, Vietnam – France trade revenue in the first five months declined by 18.66% year-on-year to US$1.77 billion. The MoIT expected a recovery in trade could only happen in the final months of the year after France restarts its economy.

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Will benefits from EVFTA be affected by Covid-19?

June 15, 2020 by vietnamnet.vn

Vietnam has puts high hopes on EVFTA, but the COVID-19 pandemic may make the path to realize its benefits a bumpy one.

The news that EVFTA may be ratified and take effect in July did not cheer up Nguyen Liem as Covid-19 severely hit woodwork enterprises, including Lam Viet JSC, where Liem is director.

Will benefits from EVFTA be affected by Covid-19?

Vietnam has puts high hopes on EVFTA, but the COVID-19 pandemic may make the path to realize its benefits a bumpy one.

Asked about EVFTA, Liem said the FTA only helps cut tariff and won’t be able to stimulate demand, which is nearly zero in the company’s major export markets.

Thanh Lich

Filed Under: Uncategorized EVFTA, EVIPA, FTA, wooden furniture, vietnam economy, Vietnam business news, business news, vietnamnet bridge, english news, Vietnam news, vietnamnet news, ...

Vietnam parliament holds first-ever online meeting

May 20, 2020 by hanoitimes.vn

No interpellations will be included at the month-long session.

Vietnam’s National Assembly (NA) of the 14th tenure (2016-2020) opened today [May 20] the ninth biannual plenum with an online meeting, the first-ever of its kind due to the coronavirus pandemic.

Top leaders gather at the ninth National Assembly plenum on May 20

The ninth plenum will include two sessions, with the first one to be held online from May 20 to June 4 and the second one taking place from June 10 to June 19 at the National Assembly Headquarters in Hanoi.

At the virtual meeting, live connections will be established in all 63 provinces and cities for the representatives from their localities to have speeches and discussions online, the National Assembly’s General Secretary Nguyen Hanh Phuc told local media.

Meanwhile, speeches and discussions at the hall will take place according to regular procedures.

Notably, there will be no interpellations at the parliament like before. The NA deputies will make questions to cabinet members via documents.

Zing cited deputy Nguyen Ngoc Phuong from Quang Binh NA Delegation who expressed concerns about the effectiveness of the online meetings. He said that the discussions might not give results as expected.

Deputy Pham Van Hoa from Dong Thap Delegation said this plenum will discuss many issues of public attention like embezzlement in the procurement of coronavirus testing machines, the covering up of a mafia-like gang in the northern province of Thai Binh.

In addition, deputies want to listen to the government’s solutions to achieve its “dual goal” that include effective fight against the pandemic and economic development, Hoa noted.

Reports at the opening day

At the opening session on Wednesday, a number of reports have been presented, including those on the 2019 socio-economic situation and plans for 2020 and constituents’ recommendations sent to the parliament.

Prime Minister Nguyen Xuan Phuc presented issues in relation to the socio-economic situation and budget well as the impacts of the Covid-19 pandemic and response.

Meanwhile, Vice State President Dang Thi Ngoc Thinh presented the State President’s petition for the approval of the European Union Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA).

Filed Under: Uncategorized Vietnam parliament, first-ever online meeting, 14th national assembly, live connection, interpellation, deputy, how to hold a meeting effectively, how to hold a meeting, online meetings tools, al anon online meeting, friends online meet, citrix online meeting, join online meeting, online meet up, pills anonymous online meetings, online meeting with screen sharing, online meeting software free screen sharing, online meeting software

EVFTA to help realize Vietnam’s high-income status ambition: Expert

September 24, 2020 by hanoitimes.vn

In one month and a half, the amount of Vietnamese goods and products that benefit from EVFTA’s preferential treatment is equivalent to that of the CPTPP throughout 2019.

The EU – Vietnam Free Trade Agreement (EVFTA) is an important instrument that could help Vietnam realize its ambition of eventually becoming a high-income country by 2045, a target set by the State President Nguyen Phu Trong, according to senior economist Pham Chi Lan.

Overview of the conference. Photo: Nguyen Tung.

“While there have been mixed feelings towards the implementation of previous free trade agreements (FTAs), the timing and all optimism around the deal make us believe this would be a different story,” Mrs. Lan said at a conference discussing the EVFTA on September 24.

Given the fact that the foreign-invested sector currently makes up nearly 70% of Vietnam’s exports, Mrs. Lan said these FTAs have not achieved the purpose of building up the country’s internal strength, the most important factor during the global integration process.

“There would be no sustainable growth by relying on others,” she added.

The EVFTA came at a time when Vietnam was coming up with the next long-term strategy, therefore it would give the country a boost in going forward amid the Covid-19 crisis.

“Both the EVFTA and the Covid-19 pandemic are pressurizing the Vietnamese government and enterprises to change for better,” Mrs. Lan noted.

Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc said the EVFTA is what Vietnam needs most at the moment since it helps Vietnam form closer cooperation with the EU, one of Vietnam’s trusted partners in pursuing sustainable development strategies.

“In a world of escalating trade tensions and growing protectionism, the EVFTA is expected to create a new competitive edge for Vietnamese enterprises and make Vietnam more attractive in the eyes of investors looking to diversify their supply chains,” Mr. Loc said.

“27 in 1”

Nguyen Thi Thu Trang, director of VCCI’s WTO Center and Economic Integration, highlighted the complementarity between Vietnam and the EU’s economies is what sets the deal apart from others.

In Vietnam’s other FTAs, all partners have a similar economic structure or even directly compete with Vietnam. “A win-win situation is more likely in the EVFTA compared to others,” Mrs. Lan said.

More importantly, all 27 EU members have not had a bilateral trade deal with Vietnam, so it could be seen as a 27 in one FTA, she added.

Mrs. Lan also pointed out the fact that the EU is the world’s second largest buyer, making the deal more meaningful for an export-oriented country like Vietnam.

Additionally, while the EU has not been Vietnam’s largest investor, it is the world’s main source of foreign investment. As a result, the EVFTA and the EU – Vietnam Investment Protection Agreement (EVIPA) would make Vietnam more attractive to European investors, Mrs. Lan said.

To go into detail how the deal has performed after having been effective for over a month, Luong Hoang Thai, director general of the Multilateral Trade Policy Department under the Ministry of Industry and Trade, said Vietnam’s exports to the EU in August stood at US$3.78 billion, of which, goods and products worth US$277 million, or 7.3% of the total export turnover, received preferential treatment from the deal.

By mid-September, the figure has risen to nearly US$500 million, which is equal to the total amount of Vietnamese products subject to preferential treatment from the Comprehensive and Progressive Agreement for Trans – Pacific Partnership (CPTPP) for the whole year of 2019, Mr. Thai added.

Textile and garment, Vietnam’s major export items to EU, are still enjoying the EU’s Generalized Scheme of Preferences (GSP- a set of EU rules allowing exporters from developing countries to pay less or no duties on their exports to the European Union), so the actual figure of goods benefiting from EU’s preferential treatment would be much higher, Mr. Thai concluded.

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Greece 1821-2021: Celebrating 200 years of freedom with an eye to the future

March 25, 2021 by vietnamnews.vn

Greek Ambassador Georgios Stilianopoulos writes to Việt Nam News to mark the National Day of Greece, March 25.

2021is a highly symbolic year for Greece that marks the 200th anniversary of the outbreak of the 1821 Revolution, the War of Independence against the Ottoman Empire, which led to the construction of the modern Greek State. It is a pleasure for me to share with the readers of Viet Nam News such a significant historical event.

Today Greece is a prestigious European country of peace and progress, endowed with a precious historical heritage.

Nowadays, it is particularly important that countries – even when geographically located far apart from each other – accomplish serious efforts towards establishing a network of bilateral relations. This is the case of Việt Nam and Greece: two nations that experience mutual appreciation, framed by sincerity, functionality and clarity. The driving force for co-operation, better communication and mutual understanding, is not the proximity, but the will to track down appropriate means and ways enabling to construct bridges, shape substantial and constructive relationships.

The island of Santorini, the precious gem of the Aegean Sea. Photo courtesy of the Embassy

Since the establishment of our diplomatic relations, 46 years ago, our countries have worked together within a functional and spotless atmosphere; we have achieved an important development in our bilateral co-operation, and signed a number of agreements and economic contracts.

Greece was one of the first to ratify the EU-Việt Nam Partnership and Co-operation Agreement (PCA), to support the early adoption of the EU-Việt Nam Free Trade Agreement (EVFTA) and recently, to ratify the EU-Việt Nam Investment Protection Agreement (EVIPA). We support the full implementation of both trade and investment agreements which open up new opportunities for EU and Vietnamese operators to export and invest.

Over the years, bilateral trade between Việt Nam and Greece has made encouraging progress. However, it does not reflect the true potential of both countries. Despite the difficulties caused by the pandemic, I believe that we could step up trade exchanges and develop potential areas such as:

•            Agri-food sector: due to its climate and geomorphology, Greece has high-quality primary production. The Greek land continues to endow us with products and raw materials of quality and nutritional value: the basis of the Mediterranean diet. The food industry respects tradition while investing in innovation, research and sustainable production methods.

•            Tourism, a sector in which Greece expects, post-pandemic, a rapid recovery. The implementation of emblematic investments, such as in the Athenian Riviera, and some privatisation projects in tourist areas create new opportunities for strategic partnerships and large-scale investments.

•            Shipping, infrastructure and transport services on ports and rail networks: the supply chain and cargo handling continue to provide fertile ground for new investment and business partnerships. Greece is a maritime nation since ancient times and owns today the world’s largest merchant fleet. Shipping is a major contributor to the national economy.

•            Pharmaceutical industry: a sector investing in modern technology, research and development, production infrastructure, but also in human resources.

•            Energy: Greece has a high level of expertise and experience in the field of renewable and alternative sources, such as solar thermal systems and waste recycling.

•            Transit trade and the supply chain, thanks to its geographical location that allows Greece to connect the markets of Europe, the Middle East and the Black Sea. As the pandemic has highlighted the need for flexible regional supply chains, this advantage has recently gained value.

Acropolis of Athens, one of the UNESCO World Heritage sites in Greece. Photo courtesy of the Embassy

Today, Greece is one of the top tourist destinations in the world, a country of unique beauty, which has something special to offer to every visitor with diversity in landscapes, experiences, activities, gastronomy, and more than 3,000-year-old culture. It is a place where wonderful experiences never end, where there is always more to explore, to discover, to see, to taste, to feel. Greece strongly aspires to welcome a greater number of Vietnamese citizens to “Come and Live their own Myth in Greece”, to be drawn to the country’s epic intellectual history.

Finally, to celebrate the 200th anniversary of the Revolution of 1821, the Embassy has prepared a conference focused on the presentation of artworks painted by worldwide-known foreign and Greek painters of the 19th century inspired by the events which took place during the Independence War. Further, in the weeks to come there will be  posts on our Facebook page (https://www.facebook.com/GreeceinVietnam) in which we endeavour to arouse our visitors’ interest in our beautiful country. VNS

Filed Under: Uncategorized co-operation, friendship, Greece-Vietnam relation, Vietnam News, Politics, Business, Economy, Society, Life, Sports, Environment, Your Say, English Through the...

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