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30/07/2020

EVFTA to benefit Vietnam’s agricultural sector: EP official

The EU – Vietnam Free Trade Agreement (EVFTA) will bring great benefits to Vietnam’s agricultural sector, according to an official from the European Parliament (EP).

Under the agreement, which was approved by the Vietnamese National Assembly on June 8, as many as 65 percent of import taxes on Vietnamese goods will be removed when the agreement comes into effect, and the rest will be lifted gradually until 2030, said Marc Tarabella, a parliamentarian from the EP’s Committee on Agriculture and Rural Development (AGRI).

Vietnam will enjoy a duty-free quota on 30,000 tonnes of white rice, 20,000 tonnes of whole grain rice and 30,000 tonnes of fragrant rice.

Other commodities of the country, including high-quality items such as cashew, tea and coffee, will also benefit from the deal, he added.

Not only Vietnam, the European side will benefit from exporting beef, dairy products and pork to the Southeast Asian nation, he noted.

According to the European parliamentarian, the EVFTA is a win-win deal as it is expected to help increase Vietnam’s export turnover to Europe by over 15 billion EUR, and exports of European markets to Vietnam by over 8 billion EUR per year.

However, he recommended that when the deal comes into full effect, Vietnam must improve productivity in farming, as well as abide by international and European food safety standards in production, he noted.

The EVFTA will serve as a lever, truly offering an opportunity to expand trade links between the two sides, Marc Tarabella said.