Nearly US$5 billion of exports to EU benefit from EVFTA
Almost US$5 billion worth of Vietnamese goods exported to the EU has benefited from preferential tariffs under the EU-Vietnam Free Trade Agreement (EVFTA), according to the Ministry of Industry and Trade (MoIT).
The MoIT said efforts to capitalise on FTAs have resulted in significant outcomes, helping to achieve fast and sustainable export and gradually reduce the dependence on single or certain markets.
Certificates of origin have been used to help about 32 – 34% of annual export revenue benefit from preferential treatment under FTAs, showing that Vietnamese businesses and goods are increasingly tapping into concessionary tariffs in the markets having FTAs with the country, it added.
The MoIT noted from August 1, 2020, when the EVFTA took effect, to April 4 this year, authorised agencies and organisations in Vietnam granted about 127,300 sets of the certificate of origin form EUR1 for nearly US$4.8 billion of exports to the 27 EU countries.
Besides, enterprises shipping goods to the EU also conducted self-certification of origin for more than US$10.88 million worth of commodities to utilise preferential tariffs.
The beneficiary items were mainly footwear, aquatic products, textile-garment, farm produce, and electronic products, the MoIT said.