Specifically, the EVFTA Agreement has eliminated 85.6% of import taxes on Vietnamese goods, equivalent to 70.3% of Vietnam's export turnover. After 7 years when the agreement takes effect, the EU will eliminate 99.2% of import taxes, equivalent to 99.7% of Vietnam's export turnover (the remaining 0.3% will enjoy a tax rate of 0). %). Vietnam commits to eliminating 48.5% of import taxes on EU goods, equivalent to 64.5% of EU export turnover to Vietnam.

After 7 years, Vietnam eliminated 99.8% of import taxes, equivalent to 98.3% of EU export turnover to Vietnam (the remaining 1.7% will enjoy 0% tax rate within the next 10 years)... Vietnam receives many orders for textiles, seafood, vegetables, wood products, electronics, phones and tropical products. For seafood products, the EU market accounts for 17%-18% of Vietnam's total seafood export value. Roadmap for three to four years to reduce tax rates by about 90% for seafood, from 14% to 0%. Vietnamese seafood products will bring more economic benefits.

In addition, agricultural, forestry, and coffee products increased by 57.1%, reaching a value of 1.7 billion USD, seafood increased by 46.6% to 3.6 billion USD, and pepper increased by 28%... , reaching 362 million USD, rubber increased by 9.3% to 857 million USD, focusing on exporting to potential markets such as Germany, Italy, Spain and Belgium. Coffee, cashew nuts, rubber, vegetables, pepper, rice and tea contribute greatly to the total export turnover of the industry to the EU with high growth in 2022. Coffee in particular has a tax rate advantage. equal to 0% increase in market share in the EU's total coffee demand.

Vietnam's manufacturing industry welcomes a new development. Phones, computers and electronic products are Vietnam's most important exports to the EU market. Tax exemption not only creates a competitive advantage for Vietnam's exported electronic products, but also encourages foreign businesses to move factories from other countries to Vietnam to take advantage of tariff advantages.

EVFTA promotes the development of Vietnamese industries such as finance, banking, tourism, and air transport. The EU mainly exports machinery, chemical products and transportation equipment to Vietnam. This is an important field that helps promote Vietnam's economic development model and modernization process, benefiting businesses in improving labor productivity and enhancing the application of high technology, bringing benefits to businesses. opportunities, deeper integration into the global value chain.

Commitments related to the scale and level of investment in the agreement will replace bilateral investment agreements between Vietnam and EU member countries, benefiting Vietnam in continuing to reform its economic structure. economy, perfecting the institution and business environment, as well as creating favorable conditions for EU investors to deploy business activities in Vietnam. The EVFTA Agreement boosts Vietnam's GDP from 2.18% to 3.25%; in the period 2018-2024 from 4.57% to 5.30% and in the period 2029-2033 from 7.07% to 7.72%.

In addition, because the economies of EU member countries are developed at a higher level than Vietnam's and are complementary to the Vietnamese economy, imports from EU countries are largely not directly competitive. , therefore with a reasonable tax reduction roadmap, combined with perfecting the social security system, Vietnam can handle social problems that arise when participating in EVFTA. The EVFTA Agreement includes commitments on environmental protection, the process of opening up, trade liberalization and investment attraction will be implemented in a more environmentally friendly way, helping Vietnam's economy develop sustainably. solid, solid.

Besides opportunities, Vietnam's economic development also faces difficulties in its commitment to open the market for goods and services to the EU, creating certain competitive pressure on the economy, businesses and goods. service. However, this is healthy, selective competitive pressure. More importantly, because the economic structures of the EU and Vietnam complement each other and there is no direct confrontation, the competitive pressure is not great.

Minh Toan