Agriculture, forestry, and fishery must prepare for EVFTA bounties

The upcoming implementation of the EU-Vietnam Free Trade Agreement (EVFTA) will help Vietnam's agriculture, forestry, and fishery sector to step onto a larger playground and join the global supply chain.

EVFTA, FTA, export-import, EU, agriculture, forestry, fishery, EVFTA, FTA, export-import, EU, agriculture, forestry, fishery
The EVFTA will offer major gains for Vietnam's agriculture, forestry and fishery sector

The information was stressed at the conference on facilitating agriculture, forestry, and fishery companies to enter the EU market and implementing the EVFTA efficiently held by the Ministry of Industry and Trade in collaboration with the Ministry of Agriculture and Rural Development and Ho Chi Minh City People’s Committee on June 30.

According to Minister of Industry and Trade Tran Tuan Anh, the EU is Vietnam’s second-largest export market but Vietnam only accounts for 2 per cent of its total imports. Once the EVFTA come into force, Vietnam’s agriculture, forestry, and fishery sector can access a potential market with 500 million people and a GDP of $15 trillion. The export turnover of agriculture, forestry, and fishery products to the EU has been around $5 billion per year between 2017 and 2019.

He added that the EVFTA is an ambitious pact eliminating almost 99 per cent of customs duties between the EU and Vietnam. The official entry of this FTA is expected to create a driving force for Vietnam to recover from COVID-19. With several advantages, Vietnam’s agriculture, forestry, and fishery sector is positioned as a major beneficiary of the EVFTA.

The agreement covers all rice varieties most commonly exported from Vietnam to the EU, including milled rice, husked rice, broken rice, and fragrant rice. These will see mostly duty-free tariffs as soon as the FTA is implemented, except for broken rice which will see a 50 per cent tariff cut when the FTA comes into force, followed by a linear reduction over five years.

Meanwhile, Vietnamese seafood that will see improved market access via duty-free tariff rates or full liberalisation include surimi (seafood paste, most commonly fake crabmeat), canned, fresh and chilled tuna, and non-processed shrimps and catfish.

Minister of Agriculture and Rural Development Nguyen Xuan Cuong said that companies should carefully prepare to meet the EU requirements and avail of opportunities from the EVFTA. In the case of Trung An Hi-Tech Farming JSC, which is looking to increase rice exports to the EU, the ministry will provide further guidance about the potential seeds, production processes, and requirements. The ministry can even seek special mechanism for some exporters to help Vietnam fulfill the EVFTA requirements as well as ensure product quality.

By Thanh Van

News Related


Check the progress of Trung Nam – Thuan Nam Solar Power Plant project 450MW

At the construction site, National Assembly Vice Chairman Phung Quoc Hien visited and encouraged the construction unit and a team of experts, engineers and workers who are constructing the site. Deputy Chairman of... Read more »

Phu My Hung asks $75 million for help from IFC

The International Finance Corporation (IFC), a member of the World Bank Group, is providing a financing package of $75 million to Phu My Hung Development Corporation to help sustain its property development operations... Read more »

Authorities ask LNG Bac Lieu power project to keep price at 7 US cent per kWh

The National Steering Committee for Electricity Development proposed the investor of Bac Lieu LNG-to-power project to keep the selling price of power at 7 US cent per kWh to save time in negotiating power purchase agreement... Read more »

Bank accounts of local advertisers to be drained for Facebook and Google tax arrears

Dozens of thousands of local advertisers of Facebook and Google are on edge since the Law on Tax Administration has come into force on July 1. Read more »

Local price of pigs drops level with imports

The selling price of pigs plunged to VND84,000 ($3.6) per kg to better align with the price of imports from Thailand. Read more »

Three fulcrums to promote Vietnam’s growth post-pandemic

Encouraging innovation and training human resources methodically in collaboration with improving the infrastructure should be the three fulcrums to create a basis for Vietnam’s growth in the post-pandemic period. Read more »

Dabaco delays rectifying lasting pollution debacle

Facing allegations of discharging untreated waste into the environment, Dabaco Tuyen Quang has admitted mistakes and pledged that the company would make improvements in supervision of the workflow and employees’ performance – but... Read more »

Stronger actions needed for economic rebound

The local economy is confronted with multiple hardships, and to beef up development and quickly rebound, faster and stronger actions become an urgent need. Tran Quoc Phuong, Deputy Minister of Planning and Investment,... Read more »

Hanoi emphasising its investment advantages

While Hanoi is making further improvements to call for fresh investment in development of industrial zones to pick up a new possible wave of investment shifts, the problem of how to efficiently absorb... Read more »

Fashion rivals continuing to suffer in coronavirus fallout

Thousands of dismissed labourers at suppliers in Vietnam has exacerbated the floundering performance of major garment and footwear brands across the globe like Adidas, Nike, and Zara. Read more »