Conference discusses Vietnams agricultural opportunities, challenges when joining EVFTA
A conference was held in Hanoi on June 26 to discuss the impact of the EU-Vietnam Free Trade Agreement (EVFTA) on Vietnam’s agriculture.
The EVFTA will generate both opportunities and challenges to Vietnam’s agriculture
The event was co-organised by the Ministry of Agriculture and Rural Development, the Ministry of Trade and Industry, and the Vietnam Chamber of Commerce and Industry.
Earlier on June 25, the European Council of the European Union (EU) adopted the decisions to sign the EVFTA and the EU - Vietnam Investment Protection Agreement (EVIPA). To date Vietnam has engaged in a total of 16 FTAs, both bilaterally and multilaterally.
Participants at the conference agreed that the EVFTA will create huge opportunities for Vietnam’s agriculture as it will help to boost agricultural exports and improve the sector’s competitiveness.
However, they warned that, at the same time, the agreement will also pose remarkable challenges to the sector, explaining that once it takes effect, Vietnam will have to face increasing competition with other member countries following the reduction of the tax barriers as committed in the agreement.
Vietnam will also find it difficult to use the non-tariff barrier as a protective measure due to the country’s limited legal capacity and scientific evidence, they noted.
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