According to the Ministry of Planning and Investment before the COVID-19 outbreak, the EVFTA will boost Vietnam’s economy 2.18 to 3.25% in the first five years after the deal takes effect in August 1, or about 0.5% of GDP growth per year. This would be more than any previous FTA Vietnam has signed. In addition, 99% of tariff lines will be gradually eliminated to increase trade between Vietnam and the EU. The World Bank also predicted that 800,000 Vietnamese will escape poverty more quickly thanks to the EVFTA. Institutional reform The EVFTA will require state agencies and businesses to reform drastically to optimize the benefits of the agreement. The government will need to accelerate administrative reforms and fine-tune policies and institutions. Chairman of the Vietnam Chamber of Commerce and Industry Vu Tien Loc said institutional reform will make EVFTA implementation more effective. “I think institutional reform will play a decisive role in implementing the EVFTA,” Loc stressed. “Stronger institutional reform will improve global competitiveness. Without institutional reform, we will depend on imported materials and added value will not be high,” Dr. Dang Kim Son, former Director of the Institute of Agriculture Institutions and Markets, said regulations are needed to establish… Read full this story
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