HCM CITY (VNS) — Viet Nam's exports to the European Union will rise by 75 per cent by 2020, Dr Vu Huyen Phuong from the Foreign Trade University predicted.
The surge will lead to expanded production activities, increased attraction of foreign investment and job opportunities, Phuong said at a conference in HCM City on Saturday that focused on supporting non-state entities to join the Viet Nam-EU Free Trade Agreement (EVFTA).
Phuong also held that Viet Nam's export of labour will enjoy a sharp growth, as well. Moreover, Nguyen Thi Quynh Nga from the Multi-Trade Policy Department of the Ministry of Industry and Trade noted that the EVFTA was an ambitious and comprehensive agreement on trade, services, investment and government procurement.
Apart from removing non-tariff barriers, the agreement would also settle other matters related to legal procedures, competitiveness, and intellectual property, including geographical indications. Furthermore, some experts at the conference argued that the agreement was expected to pave the way for the increase of Viet Nam's exports, as factors supporting export growth had been saturated.
However, they pointed out a number of challenges that Viet Nam might face when the agreement is signed, especially with regard to procedures to prove the origin of goods.
In addition, Vietnamese firms and farmers should work harder to compete against products imported from the EU, which require stronger market strategies, information and predictions. — VNS