On the morning of June 5, 2020, the Ministry of Industry and Trading cooperated with Vietnam Small and Medium Enterprises Association SMEs to organize a conference "Supporting SMEs to take advantage of opportunities, effectively implementing EVFTA" was a success. The conference brought ideas and solutions to promptly solve the difficulties of the business.
On March 30, 2020, the Council of Europe adopted the EVFTA Agreement. As planned, the National Assembly will vote to approve the Resolution to ratify the EVFTA Agreement on June 8, 2020. With this agreement, Vietnam that becomes the only developing country in the world and the second country in ASEAN has a free trade agreement with the EU - leading economic community in the world with GDP of nearly 18,300 billion USD, accounting for 40% of global foreign trade.
EVFTA has the broadest range and the highest level of commitments in Vietnam ever. According to the explanatory report of the Government, EVFTA will help Vietnam's GDP increased by an average from 2.18% to 3.25% (for the first 5 years of implementation), 4.57%-5.30% ( for the next 5 year period) and 7.07%-7.72% (for the 5 year period thereafter).
The EU is the second largest importing market in the world and is currently the second largest exporting market of Vietnam (after the US). Through the Agreement, Vietnam can access a potential market with a population of more than 500 million people, GDP of about 15,000 billion USD (accounting for 22% of global GDP).
The EVFTA Agreement early establishing will be a leverage for the development as well as catch opportunities for businesses. The recent conference will help enterprises in Vietnam, especially SMEs that has a deep understanding of market access and assessment of the impacts on Vietnam Small and Medium Enterprises (SMEs) in their implementation this agreement. Moreover, EVFTA Agreement gives directions on commodity industries with potential to export to EVFTA market,as well as information on importing demand of EVFTA countries. The conference also helps to guide trading promotion activities to help SMEs effectively exploit the opportunities offered by the EVFTA Agreement.
There are many delegates and guests that attends in the conference such as: the large enterprises, SMEs and many organizations participated in the conference. At the same time,in this morning, the conference was still online in 62 provinces and cities directly under the central government through the Polycom platform of VNPT with more than 1500 delegates including leaders of provinces, centrally-run cities, departments / sectors and businesses in the area.
Mr. Nguyen Kim Hung - Deputy Director of Vietnam Small and Medium Management Science Institute - Chairman of Kim Nam Group participated in the presentation "The current situation of Vietnamese SMEs with the great opportunities at the Vietnam Free Trade Agreement, with Vietnam - European Union (EVFTA) EVAFTA". He gave some ideas about solutions for businesses in Vietnam to easily approach the Government's EVFTA agreement to gradually develop the scale of businesses in Vietnam in foreign markets.
Mr. Nguyen Kim Hung - Chairman of Kim Nam Group spoke at the conference
Hopefully, after the agreement is promulgated, it will be a lever for businesses to reach out in international markets. All businesses can access and make the most of the efficiency that the agreement enacted. Let's join Kim Nam Group and Mr. Nguyen Kim Hung to help SMEs develop. Kim Nam Group "Smart city for Vietnamese businesses - Smart city SMEs"