GSO head says EVFTA will boost Vietnam’s growth in long term

The European Union-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA), scheduled to become effective in July, will improve Vietnam’s business and investment climate and boost its institutional reforms, according to a Government official.

General Director of the General Statistics Office (GSO) Nguyen Bich Lam says 99% of tariff lines will be lifted after seven years, facilitating the export of Vietnamese products to the EU. He said the EVFTA will increase Vietnam’s GDP 2.18-3.25% by 2023 and over 4% in the following years.

To take advantage of the EVFTA, Mr. Lam recommends that the Government reform economic institutions and create economic policies in line with the agreement, and encourage Vietnamese businesses to invest in new technology to increase their product quality and competitiveness.

Source: VOV5