Vietnam’s Footwear to Benefit from Asean-EU Free Trade Agreement
The ASEAN-EU free trade agreement (FTA) will benefit Vietnam’s footwear, apparel and trading service while hampering other industries, such as electronics, machines and auto.
A think-tank that included experts from Holland, Thailand, Singapore, Indonesia and Vietnam said Vietnam’s leather and footwear sector will benefit most from the FTA compared to other regional countries.
On schedule, Vietnam would increase 154 per cent of production output and increase laborers in the industry by 133 per cent.
Ambassador Sean Doyle, head of the EC delegation to Vietnam said the bloc is willing to reduce up to 90 per cent of tariffs for Vietnamese commodities under the agreement.
Currently, around 59 per cent of Vietnam’s exports into the EU market is being highly taxed.
The Asean-EU FTA is expected to boost further investments into Vietnam’s key export sectors and contribute approx 2 per cent-15 per cent into the country’s GDP growth. (Liberated Saigon)
Vietnamese
