SMEs assisted to tap into opportunities from EVFTA

Vietnam’s small- and medium-sized enterprises (SMEs) received updates on the latest information relating to the EU-Vietnam Free Trade Agreement (EVFTA) at an online conference held by the Ministry of Industry and Trade (MoIT) and the Vietnam Association of Small and Medium Enterprises (VINASME) on June 5.

Art the conference

In his opening remarks, Minister of Industry and Trade Tran Tuan Anh emphasised that the conference aims to support SMEs seeking ways to fully tap into the opportunities brought about by the agreement and to minimize its challenges.

Participants focused discussions on strategic benefits and issues enterprises must take heed of to effectively implement the agreement, on potential products for export, and on promoting all exports to the EU.

The role played by local authorities in supporting SMEs by building trade promotion strategies to take advantage of opportunities from the agreement was also on the agenda.

The EVFTA was approved by the European Council on March 30 and is scheduled to be passed by the National Assembly of Vietnam on June 8.

Vietnam is the only developing country and the second in the Association of Southeast Asian Nations (ASEAN) to sign an FTA with the EU - the world’s leading economic community with GDP of 18,300 billion USD.

The agreement is hoped to drive Vietnam’s exports and help diversify its export markets.

According to research from the Ministry of Planning and Investment, it will help Vietnam increase its GDP by 2.18-3.25 percent in the first five years, 4.57-5.30 percent in the next five years and 7.07-7.72 percent in the following five years while its exports to the EU are expected to grow by 42.7 percent by 2025 and 44.37 by 2030.

Vietnamese businesses will soon have the opportunity to access new supply chains to replace traditional supply chains disrupted or stalled by COVID-19.

It is a good opportunity for Vietnam to step in and fill the gap in regional and global supply chains affected by the pandemic./.

VNA

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