Vietnamese exporters advised to grasp opportunities in EU market

The recovering European economy together with higher demand is providing Vietnamese enterprises with opportunities to promote exports and optimise advantages from the EU-Vietnam Free Trade Agreement (EVFTA), speeding up the recovery of production and business activities after a long period of suffering from COVID-19 impacts, according to experts.

The experts gathered at an online conference on November 5 in Ho Chi Minh City to discuss prospects and solutions to promote exports to the EU market in the new context.

They held that the EU is facing a first-ever shortage of goods, as many suppliers are struggling with COVID-19, while logistics costs are rising and demand is increasing in the rest of the year.

Therefore, they advised Vietnamese exporters to grasp this chance to conquer the EU market.

Nguyen Thao Hien, Vice Director of the Department of Europe-America Markets under the Ministry of Industry and Trade, said that the biggest advantage in the EU is preferential tariffs from the EVFTA.

However, the advantage will not last for a long time as the recovery process of the EU will take place in a short time. Moreover, many other countries in the region have been negotiating free trade agreements with the EU, increasing pressure of competition, they said.

They asserted that despite difficulties after a social distancing period, Vietnamese businesses should focus their resources to recover production and make full use of the current opportunities.

Vu Chien Thang from the Vietnam Trade Office in Spain held that after the pandemic, European consumers have prioritised smart products, food safety and products of clear origin that are traded through e-commerce platforms.

Lawyer Dinh Thi Anh Tuyet from the Vietnam International Arbitration Centre asserted that as businesses have to grasp all opportunities to seek orders, the signing of trade contracts should be carefully considered to avoid legal risks.