The Ministry of Industry and Trade stated that in the last 6 months of 2020, Vietnam’s import and export of goods is expected to grow more positively after many countries started easing disease control measures and started to accelerate the process. rehibilitate.
According to the Ministry of Industry and Trade, the export results of the domestic enterprises sector show a better resistance to disease impacts.
In the first 6 months of 2020, export turnover of domestic enterprises increased by 11.7% compared to the same period in 2019.
According to the Ministry of Industry and Trade, this result has shown that the growth momentum of the domestic sector is not only dependent on export growth of agricultural and aquatic products as in previous years, but also from industrial goods.
This judgment of the Ministry of Industry and Trade was made when correlating the export turnover of the whole country and the export turnover of the foreign-invested enterprises sector had negative growth, respectively 1.1% and 6.7%.
This trend has started in the last 1-2 years, especially in 2019, when exports of agricultural and fishery products faced difficulties, exports of the domestic sector remained high and higher than that of the whole country. country.
On June 8, the Vietnamese National Assembly officially approved a free trade agreement (EVFTA) and an investment protection agreement (EVIPA) between Vietnam and the European Union (EU).
The EVFTA Agreement, expected to come into effect in August 2020, will open up great opportunities for Vietnam to access the world’s second largest import market with a population of over 508 million people and a GDP of about US $ 18,000 billion.
With strong market opening commitments, commitments to eliminate import taxes to nearly 100% of the tariff schedule in EVFTA after a short roadmap, the opportunity to increase Vietnam’s exports to the EU is huge, especially For advantageous products such as textiles, footwear, agriculture, fisheries, wood products …
Vietnam is the second country in Southeast Asia after Singapore to have a free trade agreement with the EU. The reduction of tariffs on Vietnamese goods exported to the EU will create a great competitive advantage compared to other competitors such as China and other ASEAN countries.
Therefore, after the COVID-19 post-European period in Europe, the EVFTA Agreement is put into effect, Vietnamese enterprises will have a great advantage from reducing / eliminating tariff barriers on the EU market to exploit. this market.
In 2019, as US-China trade tensions escalated, multinational companies moved their capital and supply chains out of China to avoid relying on a supply of raw materials.
By 2020, the COVID-19 outbreak will serve as a push for this wave to take place faster. Meanwhile, the good control of COVID-19 epidemic is opening up golden opportunities for Vietnam to receive this capital inflow.
According to VietnamBiz
