1 MILLION USD TAX HAS BEEN DEDUCTED ON VIETNAMESE’S PRODUCT TO EU
19
Oct
EVFTA bringing a significant chance to Vietnamese Business during the Covid-19 epidemic when it has seriously affected on the world economic.
EVFTA is a great effect on both Viet Nam and EU during the Covid-19 epidemic which is significant affecting on the world economic.
The initial results of EVFTA implementation were very positive, the total value of Vietnam’s exports to EU market in August 2020 reached US $3.77 billion, up 2.9% over the same period last year. In September, reaching 3.54 billion
USD, increase 7.9%. On 12 October , after 2 months of implementing EVFTA, there are 24,000 C/O has been issued with a turnover of nearly million USD to 28 EU countries (the UK is still implementing EVFTA until the end of 2020-PV).
“The amount of C / O issued under the EVFTA is much larger than the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
According to the Import and Export Department (Ministry of Industry and Trade), 10 items with the highest C / O turnover in August and September are footwear, seafood, plastics, textiles, coffee, vegetables, iron and steel. transportation and spare parts, rubber and finally rice. For rice, there were 3.98 million USD of tax-free goods according to the quota granted by the EU.
Each year, the EU grants quotas to Vietnam 30,000 tons of fragrant rice of certain varieties. However, the output of these rice varieties is not large, Vietnam has only recently issued certificates for about 6,000 tons of fragrant rice. Eligible for tax incentives from EU. Therefore, the rice industry needs to restructure rice varieties to better take advantage of the opportunities that EVFTA offers.
