EU-Vietnam FTA aids Vietnam's spice, fruit and vegetable exports to EU

Tariff incentives brought about by the EU-Vietnam Free Trade Agreement (EVFTA) have enabled Vietnam to increase its export of fruits and vegetables to the EU, - the world's largest market.

Before the EVFTA took effect, Vietnam’s vegetables and fruits exported to the EU market enjoyed preferential tax rates under the Generalised System of Preferences (GSP), but these were still at a relatively high level of 10-20 percent.

However, after this agreement came into effect, the EU offers a substantial reduction of about 94 percent out of the total 547 tax lines on fresh and processed vegetables and fruits, including those of Vietnam's strength. This brings about a huge advantage for Vietnam to compete against agricultural products of other Asian countries, especially Thailand and China that do not have FTAs with the EU.

Data from the General Department of Customs show Vietnam’s vegetable and fruit export turnover to Europe in 2021 hit 303 million USD, up 17.4 percent year-on-year.

Source: agroberichtenbuitenland.nl

 

Photo source: Dreamstime.com


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