FTA may raise VN’s export to EU sharply

(Bqp.vn) - The Free Trade Agreement (FTA) between Viet Nam and the EU is expected to raise the country’s export to the bloc by around 30-40%, according to the EU-MUTRAP's consultant group.

Once the FTA comes into effect, it would greatly benefit Vietnamese industries and sectors and boost two-way trade turnover as well, according to a seminar, jointly hosted by the European Trade Policy and Investment Support Project (EUMUTRAP) and the Center of Integration WTO Technical Assistance in March 5 in HCM City.

The industries of garments and textiles, footwear, food processing (including aquaculture) would benefit mostly from the FTA.

After the sixth round of negotiation in June, 2012, the two sides are expected to ink the FTA this September.

The EU is one of the leading importers of Viet Nam.

Viet Nam's shipment to the EU surged around 15-20% per year. Its exports to the EU surged by 20 times in the 1995-2012 period.

Last year, The country shipped over US$ 24.3 billion of goods to the EU and imported US$ 9.4 billion from the bloc.

The EU is also an important investor in Viet Nam with around 1,300 projects worth around US$ 17 billion.

The EU also provided around US$ 5.2 billion of ODA for Viet Nam.

By Kim Loan (VGP)