HANOI (Viet Nam News/ANN) – Local firms are set to face fierce competition from European Union (EU) imports thanks to two upcoming agreements between the two sides.
The EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA) are scheduled to be signed on June 30.
The competition was highlighted by Minister of Industry and Trade Tran Tuan Anh at a conference to assess the two agreements’ impact on Vietnamese agriculture held in Hanoi on Wednesday.
Anh said that integration wouldn’t be entirely rosy thanks to increasing competition with imported goods from more developed countries.
“Competitive pressure will cause some sectors to be narrowed down such as pig breeding and sugarcane,” Anh said.
There are also risks that agricultural products might be returned or face loss of export rights or increased inspection frequency due to failure to meet Sanitary and Phytosanitary Measures (SPS) and Technical Barriers to Trade (TBT) requirements in fastidious markets like Japan and EU countries, he added.