Many opportunities from EVFTA

The European Union-Vietnam Free Trade Agreement (EVFTA) presents a dual landscape for Lao Cai province, as elucidated by Mr. Nguyen Truong Giang, Deputy Director of Lao Cai Department of Industry and Trade. The agreement boasts robust commitments, offering a propitious environment for market opening and procedural reforms. While the EU and Vietnam markets harmonize in advantages and import demands, it’s a golden opportunity for provincial businesses to tap into and foster export markets to the EU. The anticipated surge in Vietnam's export turnover, particularly in agricultural products, indicates promising growth. However, challenges loom, including technical barriers and the need for compliance with high standards, posing hurdles for local agricultural workers. Despite this, proactive measures such as investments in modern technology and product innovation are underway to enhance competitiveness in the EU market, a critical endeavor for smaller-scale enterprises in Lao Cai.

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