Nearly US$5bil of Vietnam's exports to EU benefit from EVFTA

A street vendor carries baguettes for sale on her bicycle along a street in Hanoi on April 14, 2021. - AFP

HANOI, April 17 (Bernama): Almost US$5 billion worth of Vietnamese goods exported to the European Union (EU) has benefited from preferential tariffs under the EU-Vietnam Free Trade Agreement (EVFTA), reported Vietnam News Agency (VNA) according to the Ministry of Industry and Trade (MoIT).

The MoIT said efforts to capitalise on FTAs have resulted in significant outcomes, helping to achieve fast and sustainable export and gradually reduce the dependence on single or certain markets.

Certificates of origin have been used to help about 32 to 34 per cent of annual export revenue benefit from preferential treatment under FTAs, showing that Vietnamese businesses and goods are increasingly tapping into concessionary tariffs in the markets having FTAs with the country, it added.

The MoIT noted from Aug 1, 2020, when the EVFTA took effect, to April 4 this year, authorised agencies and organisations in Vietnam granted about 127,300 sets of the certificate of origin from EUR 1 for nearly US$4.8 billion of exports to the 27 EU countries.

Besides, enterprises shipping goods to the EU also conducted self-certification of origin for more than US$10.88 million worth of commodities to utilise preferential tariffs.

The beneficiary items were mainly footwear, aquatic products, textile-garment, farm produce, and electronic products, the MoIT said.
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Vietnam , EVFTA , EU , Tradem MoIT


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