(VOVWORLD) - Nikkei Asian Review of Japan has said Vietnam’s ratification of the EU-Vietnam Free Trade Agreement (EVFTA) could make Vietnam the new destination for manufacturers.
 EVFTA could transform Vietnam into a new manufacturing investment destination, according to Nikkei Asian Review. |
The article said that as soon as the EVFTA takes effect in August, Vietnam will become the second country in Southeast Asia, after Singapore, to enjoy such a trade deal with the EU.
The EVFTA will surely make EU a bigger trading partner of Vietnam, and Vietnam’s garments and textiles and footwear industries are expected to see especially strong growth.
The article said the EVFTA could be good news for non-EU manufacturers as well. Japanese apparel companies and automakers are looking to increase shipments of their products from Vietnam to Europe.
According to Nikkei Asia Review, the EVFTA will give the EU increased access to several attractive consumer markets. The UK, currently in the middle of its Brexit process, will remain part of the EU’s trade pact with Vietnam until the end of 2020.