HCMC accelerates EVFTA enforcement

(VOVWORLD) - The EU is HCM City’s third largest trade partner. The EU-Vietnam Free Trade Agreement, which took effect early this month, gives the city wider access to the EU’s market of 500 million people. 

Last year, HCMC’s exports to the EU totaled more than 5 billion USD, 10% of the city’s total export value. In the past seven months, the figure was 2.7 billion USD, while imports from the EU totalled 1.5 billion USD. Through July, 54 EU-invested projects had been licensed in HCM City. 

Municipal authorities have organized conferences and seminars to help enterprises better understand the opportunities and challenges of the EVFTA and worked out plans to increase exports to the EU. Chairman of the HCM City People’s Committee Nguyen Thanh Phong said: "We have organized in-depth training for businesses on product origins. We collect businesses’ reported problems in exporting to the EU and ask the Department of Planning and Investment for help." 

Ho Chi Minh City considers the EU a particularly important market for its agricultural and timber exports.

Nguyen Chanh Phuong, Vice Chairman and Secretary General of the City’s Association of Fine Arts and Timber Processing said: "We intend to introduce 100 showrooms on the internet and increase cooperation with the European Chamber of Commerce in Vietnam and other business associations. We hope to increase links between Vietnamese and European businesses. "