Wood product exporters to benefit from Vietnam/EU trade deal

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ITTO/Fordaq
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The government in Vietnam has ratified the Vietnam/EU trade deal which, it is hoped, will help boost the country’s manufacturing sector and exports.

The deal, when it takes effect in July this year, means the EU will cut tariffs on over 80% of Vietnamese goods and Vietnam will lift duties on close to 50% of its imports from the EU and phase out the rest over 10 years.

The EU-Vietnam Free Trade Agreement (EVFTA) is expected to open the door wider for Vietnamese exports to the EU and help the Vietnamese economy regain its growth momentum following a difficult period due to the coronavirus outbreak.

Bilateral trade in 2019 was around US$60 billion, of which Vietnamese exports accounted for US$40 billion, a modest figure given the EU is the world’s second largest import market with an annual value of US$2,338 billion.

The EVFTA will create greater opportunities for Vietnam to increase its exports especially of garments, footwear, farming and wood products.

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