The meeting was held right after the Government's Program of Action to implement EVFTA was signed by the Prime Minister (yesterday, 5/8) with 5 group of main missions.

EVFTA is a new generation FTA, have high standards, overview, large opening and balancing benefits for both sides. Particularly for Vietnam, research by the Ministry of Planning and Investment shows, Under normal conditions, the agreement will contribute to an average increase in GDP 3,25% for the period 5 first year of implementation, to 5,3% for 5 next year and up to 7,72% in 5 the following year. According to another World Bank study, If the EVFTA and CPTPP are implemented simultaneously, Vietnam's GDP may increase further 3,2% in the decade 2021-2030.

With a strong commitment to opening the market, commitments to abolish import duties up close 100% EU tariff schedule, EVFTA is expected to open up opportunities for Vietnamese businesses to increase their exports to the EU by about 42% in the year 2025 and close 45% in the year 2030 compared with the scenario without agreement and increase the attraction of FDI into Vietnam.

Prime Minister Nguyen Xuan Phuc emphasized EVFTA is “highway” promote economic growth, opening up great opportunities for Vietnamese businesses to enter the EU market at scale 15.000 billion USD. But this is also a high standard market, requirements are strict so there will be no room for a business that lacks persistence, lack of creativity. “EVFTA is a condition for Vietnamese businesses to upgrade themselves to join global supply chains, especially when many EU corporations are shifting production to Vietnam ”.

The Prime Minister also said that, The biggest problem is enterprises' limited awareness of this free trade agreement, so take advantage of the humble opportunity. Not to mention, The EVFTA came into effect in the context of "the fierce headwind from Covid-19" driving the supply chain, The global market was disturbed. Even so, EVFTA is still expected to be a big boost for exports from each side.

Leave the "expressway to the EU" clear, The Prime Minister stated the communication requirements, human resource development, the infrastructure, compete in the domestic market with EU products….

Minister of Industry and Trade Tran Tuan Anh – The agency plays a key role in the implementation of the EVFTA implementation action plan, It is said that removing barriers in production and business activities through administrative reform is a condition to help Vietnamese businesses make the most of the opportunities that EVTA provides..

In this respect, Minister of Agriculture & Rural Development Nguyen Xuan Cuong said it was necessary to drastically change institutions if "do not want Vietnamese businesses to be removed from the game". The leader of the agricultural industry promises that in the industry will create every favorable opportunity for businesses.

Minister Nguyen Xuan Cuong emphasized: “Implementing this agreement with the view that both win, not only with Vietnam, to exploit the full effectiveness of the agreement. To do that, we have to overcome ourselves through economic restructuring, enterprise".

Emphasize "forced change if you want to adapt, take advantage of opportunities", Prime Minister Nguyen Xuan Phuc requested the ministries, the proactive sector and locality, promptly issue legal documents, internalize commitments and guidelines to implement EVFTA.

With associations, enterprise, The Prime Minister recommended “to change the management mindset, business, Pay more attention to social obligation assurance, labor standards and principles of environmental protection ". Prime Minister affirmed, Government will play a constructive role, create a legal framework, encourage businesses to upgrade themselves to seize the opportunities that EVFTA offers.

(Source: Ministry of Agriculture and Rural Development)