Vietnamese, Czech businesses advised to effectively utilise EVFTA

The roundtable aims at Vietnam – Czech Republic trade and investment promotion by taking advantage of the EU- Vietnam Free Trade Agreement (EVFTA), the EU- Vietnam Investment Protection Agreement (EVIPA).

Under the impact of the Covid-19 pandemic, including global health crisis and economic challenges, the EVFTA entering into effect on August 1, 2020 and the EVIPA being considered for ratification by EU Parliament have provided great opportunities for Vietnam and the EU, including the Czech Republic, to access the markets of each other.

The Czech Republic is considered as an important gateway for Vietnamese goods to the EU market.

The bilateral trade turnover between Vietnam and the Czech Republic reached US$1.5 billion last year, an increase of 22% over the same period of previous year.

In the first half of 2021, the bilateral trade was up 28% year on year, reaching US$936 million thanks to benefits from the EVFTA.

Representatives of numerous Czech businesses spoke highly of bilateral cooperation in trade and investment ahead, especially in the fields of Vietnam’s strengths, such as farm produce processing , garment and footwear manufacturing.

They also expressed their keen interest in cooperation in the realm of civil aviation by training Vietnamese pilots and launching additional direct flights between the two countries.

However, the Government of Vietnam should improve investment attraction policies and administrative procedures.

Vietnamese enterprises need to further improve product quality and design to satisfy market demands.

Besides, both sides should strive to strengthen co-ordination to unbind obstacles in order to maximize the benefits brought about by the EVFTA and coming EVIPA.