(VOVWORLD) - The EU-Vietnam Free Trade Agreement (EVFTA), officially ratified by the European Parliament, makes Vietnam the first developing country in the Asia-Pacific region to have free trade with the EU.
 EVFTA brings opportunity to agricultural sector (Photo: VOV) |
Nguyen Do Anh Tuan, Director of the Department of International Cooperation of the Ministry of Agriculture and Rural Development, said the EU is a big market with a GDP that ranks fourth in the world and which imports 150 billion USD worth of agricultural products each year. Currently, Vietnam’s agricultural exports total 40 billion USD, of which 5 billion USD go to the EU.
When the EVFTA takes effect, the EU will reduce tariffs on Vietnam’s agricultural products, which will decrease the cost of Vietnamese goods exported to the EU. Tuan said: “The average income of EU citizens is high, so they’re ready to pay for high-priced goods. This is an opportunity for Vietnam’s agricultural sector to increase in value and quality, and will be better for the people and the environment.”