Vietnamese products benefit from EVFTA as of August 1

Many major Vietnamese exports benefit from the EU-Vietnam Free Trade Agreement which comes into force as of August 1st.

VOV, VOVworld, EVFTA, effect, Vietnamese exports, EVFTA, effect, Vietnamese exports

According to the Vietnam Association of Seafood Exporters and Producers, Vietnam’s fisheries export to the EU is having a great opportunity in a large market with an average consumption of seafood of 22 kg per head, 5.3 kg more than the world average.

The trade deal will also create a major turn for Vietnam’s shrimp export with nearly 50% of the tariff lines of up to 22% will go down to zero percent.

The EU is now the world’s 2nd largest timber importer. Though Vietnam is one of the top 5 timber exporters and processors but its export to the EU remains modest accounting for just more than 1% in total timber imports of the EU.

The EVFTA is also expected to help boost Vietnam’s garment, textile, and footwear sector with Germany, France, and Belgium being the main market. The EU which consumes around 2.5 million tons of rice a year will be a potential market for Vietnam’s rice export which valued nearly 11 million USD last year.

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