HA NOI (VNS) — Domestic enterprises have been urged to draw up effective business strategies, improve management capacities and foster technological innovation in order to successfully tap into the demanding EU market.
During a seminar in Ha Noi on Thursday, aimed at helping Vietnamese businesses meet technical standards and requirements when exporting to the EU, Deputy Minister of Industry and Trade Tran Quoc Khanh said the EU-Viet Nam Free Trade Agreement, expected to be signed late this year, would open up huge opportunities for Vietnamese products.
However, Deputy Head of the ministry's multi-trade policy department, Nguyen Thi Quynh Nga warned that domestic firms would miss these opportunities if they failed to update information of export markets and comply with the bloc's strict technical regulations.
Businesses should digest information about FTA negotiations and complete regulations on certificates of origin so as to enjoy incentives and make plans to take part in regional supply chains, she said.
Developing long-term strategies to increase value of their products, especially key products such as textile and garment, electronics and footwear, was also needed, she added.
Le Thanh Hoa, Vice Director SPS Office in Viet Nam asked the firms to study the EU's Food Law, regulations on brand names, packaging, food hygiene and safety as well as effectively apply management measure and ensure products' quality.
The EU had surpassed the US to become Viet Nam's largest export market and the country's second largest trading partner.
Last year, Viet Nam - EU bilateral trade reached US$33.6 billion, a year-on-year increase of 16 per cent, of which Viet Nam's exports accounted for $24.4 billion.
Over the past five months, Viet Nam's exports to the market were estimated at $11.62 billion, up 11.7 per cent.
Viet Nam exports mainly apparel, footwear, coffee, furniture and seafood to the EU while importing machinery, medicine, aircraft, equipment and vehicles from the bloc.
The EU is one of the biggest investors in Viet Nam, with 1,401 projects and total registered capital of $18.02 billion in various sectors, including industry, construction and services, he said. — VNS