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Related Keywords: BVSC, EU-Việt Nam Free Trade Agreement, EVFTA, fabrics, footware, Garments, MFN, supply chain, Textiles, Vietnam

Textile, garment and footwear products made in Việt Nam will not enjoy immediate tariff cuts after the EU-Việt Nam Free Trade Agreement (EVFTA) comes into effect, according to a report from Bảo Việt Securities Joint Stock Company (BVSC).

After the EVFTA comes into effect, Most Favoured Nation (MFN) tariffs will automatically replace the Generalised System of Preferences (GSP) rates which the EU has applied for developing and underdeveloped countries.

Related Keywords: ample opportunities to upgrade, benefit from preferential tariffs, entry into force, EU-Vietnam Free Trade Agreement, EVFTA, expected to be signed next year, maximum of seven years, Only “EVFTA originating” products, provide tariff preferences, value chain for textile and garment sector, Vietnamese exporters to the EU

The EU-Vietnam Free Trade Agreement (EVFTA) expected to be signed next year which will provide tariff preferences to Vietnamese exporters to the EU. There will also be ample opportunities to upgrade the value chain for the textile and garment sector. Only “EVFTA originating” products will benefit from preferential tariffs for a maximum of seven years after entry into force, said EU-MUTRAP team leader Claudio Dordi.

Related Keywords: bloc trade partners, coming into force early next year, EVFTA, expected to expand its markets, learn rules and roadmap, local enterprises, order to better access the market, reduce tax to zero percent, tariff reductions, use materials imported from the EU, Vietnam garment and textile sector, Vietnam-EU Free Trade Agreement

With Vietnam-EU Free Trade Agreement (EVFTA) comes into force in early 2018, Vietnam’s garment and textile sector is expected to expand its markets as it will be reducing tax to zero percent on its garments and textiles exported to the EU.

European experts proposed local enterprises learn the rules and the roadmap for tariff reductions in order to better access the market, especially those regarding product origin to make use of opportunities offered by the pact..

Related Keywords: benefit member countries, come into force benefit, eliminate import duties on Vietnamese products, eliminate other trade barriers, European – Việtnam Free Trade Agreement, EVFTA, improve supply chain, not only limit to tariffs, promote the flow of high-quality investments, Việtnam will eliminate import duties on EU items, Vietnamese textiles

With the European – Việtnam Free Trade Agreement (EVFTA) coming into force from 2018, its benefits will not only limit to tariffs, but it would also contribute to eliminating other trade barriers and benefit member countries, according to Claudio Dordi, EU-MUTRAP Project team leader.

Related Keywords: current growth, domestic garment and textile industry, EVFTA, export turnover, FDI projects, fibre, garment production project, match progress of the country, revise development plan, target set in current plan, TPP, Vietnam garment sector, Vitas, VKFTA

The Vietnam garment sector has earned an export turnover of $27.5 billion in 2015. With the current growth, the domestic garment and textile industry wants to revise a development plan to 2020 with vision for 2030 to match the progress of the country. The sector has set export turnover at between $50 and $50 billion by 2020, instead of targets set in the current plan, according to Vietnam Textile and Apparel Association (VITAS).

Related Keywords: all EU exports of machinery, biggest trade partner, eliminate duties on garment, eliminate tariff lines, EU textile fabric exports, EVFTA, Free Trade Agreement between EU and Vietnam, investment in Vietnam, largest export markets, Textile, zero duty tariff rate quotas

After almost three years and 14 official rounds of talks and many mid-term negotiations between ministers, heads of delegations and technical groups, Vietnam and the EU have reached an agreement on all basic points of the Free Trade Agreement between EU and Vietnam (EVFTA), the Ministry of Industry and Trade announced on Saturday.

The EU will eliminate 99.2 percent of tariff lines for Vietnam, equivalent to 99.7 percent of Vietnamese export turnover with the remainder of export turnover enjoying zero-duty tariff rate quotas.