Value export growth to Vietnam after 2 months of EVFTA launch
Entered into force on 1 August 2020, the EU – Vietnam Free Trade Agreement (EVFTA) has already shown its first benefits for the Vietnamese economy and for Vietnamese companies.
What are these benefits? What Vietnamese companies are doing to support the national economy, heavily affected by pandemics and natural disasters.
Check out the detailed information in our video now!
Ceramics, Glass and Furniture. Their tariff reduction
The Italian lifestyle makes its way in Vietnam thanks to its renowned quality and elegant and classy design.
As one of the countries with the largest furniture production in the world, Italy benefits from exporting its items to foreign markets.
Not only wooden furniture, but also metals, ceramics and glass will greatly benefit from the new tariff regime which came into effect upon the entry of the EVFTA.
The benefits for both Italy and Vietnam continue to be huge in terms of trade, so make sure you don’t miss our videos!
How EVFTA works for the animal and animal products sector
In this second video on the EVFTA it will be explained in detail how the free trade agreement for the Animal and Animal Product Origins sector works
This is one of the most important sectors for the two countries due to its high export value. After the EVFTA went into effect on 1 August 2020, many products are now subject to a preferential tax regime. This has opened up important opportunities for companies looking to export to new potential markets.
Watch this video for more details!
What kind of rates and taxes are applied for Vegetables, Fruits and Plants
The vegetable, fruit and plant sector benefits extensively from the EVFTA, with most of the goods for this segment becoming tax-free when the agreement enters into force on 1 August 2020.
To understand the new tax regime for each product, make sure you don’t miss our video!
How EVFTA works for the coffee and cereal sector
Espresso or Ca phe sua are much more than just drinks, they represent the essence of the Italian and Vietnamese coffee culture.
When the EVFTA went into effect on 1 August 2020, coffee became one of the segments with the greatest benefits in terms of export potential for both countries.
In addition to this, a segment of agriculture that is receiving a lot of attention for businesses is that of cereals, its already strong market has even more possibilities for growth now that the EVFTA is in place!
So, if you are interested in the new tax regime for this sector, this video is for you.
Zero fares for drinks with the EVFTA
Since its entry into force on 1 August 2020, the EVFTA has canceled tariffs and customs duties for several products.
The beverage sector, in which Italy shines for its wines and spirits, will largely enjoy the new tax regime, boosting Italian and European exports to Vietnam. Find out more about it in this video!
Good fun!
EVFTA and its effect on rubber, shellac and lacquer
The wide applications of the rubber yield an impressive amount of products, thus making it difficult to remember which ones and which ones not to get a duty-free regime with the entry into force of the EVFTA.
Considering the great value of rubber exports between Italy and Vietnam, this video will help you, listing the different goods that have their tariffs already cleared.
Pharmaceuticals and their advantages EVFTA
Pharmaceuticals, a priority sector in a world currently facing a pandemic, play a key role in the development of the one-to-one health system.
Italy and Vietnam will experience an increase in their trade with the implementation of the EVFTA, with the reduction of incoming taxes. Good vision!
The reduction of EVFTA tariffs for wood, lumber, paper and cardboard
When the EVFTA went into effect on August 1, 2020, it eased trade barriers for the wood and paper trade between Vietnam and Italy.
With the reduction to zero of the entrance fees for both Vietnam and the EU Member States, business opportunities follow that are not to be missed. Knowing the downtime for specific assets is critical when planning medium- or long-term business relationships. Find out about these timelines in our video
The benefits of EVFTA for chemical elements and compounds
The trade in chemical elements and compounds has grown steadily over time, particularly between Italy and Vietnam.
Since the entry into force of the EVFTA on 1 August 2020, the latter countries have started to enjoy a tariff-free regime for various goods, including those of the chemical categories. Due to the different timing in the elimination of entrance fees, it is important to better understand how the agreement works for this sector.
Watch our video to learn more about chemical taxes!
New tariff regime for the clothing industry
The Italian exceptionality in the production of fashion, clothing and leather goods is also evident in Vietnam.
Italian SMEs now enjoy additional benefits from the entry into force of the EVFTA, as Vietnamese entry fees are expected to be zeroed for items in this sector. Watch our video to see when your item will be tax free!
The benefits of EVFTA for minerals and metals
The minerals and metals sector lags behind others that share a greater commercial value between Italy and Vietnam.
In 2019, the total trade in items in this category was € 9 million. However, it is important to note that among Vietnamese exports to its regional neighbors, products of iron, steel and other minerals are among the most traded. Implementing the EVFTA can inject further cross-cutting opportunities for trade not only between Italy and Vietnam, but also for EU and ASEAN member states.
Watch our video to find out the times for reducing rates!
Vehicles and their new tariff schemes
The automotive industry is very important both in Italy and in Vietnam.
The former has a decades-long tradition of making motorcycles and cars, while the latter hosts several vehicle factories in its northern areas. With the EVFTA, the different tariff reductions will facilitate not only the trade but the production of these vehicles itself, as the import and export of vehicle components and parts will become faster and cheaper.
To make the most of the benefits of this free trade agreement, watch our video!
Articles for hobbies and leisure with EVFTA benefits
Thanks to the entry into force of the EU – Vietnam Free Trade Agreement (EVFTA) on 1 August 2020, even items intended for entertainment and leisure enjoy great advantages in terms of tax relief.
Trade between Italy and Vietnam will also largely benefit from these reductions. To better understand the reduction times for European and Vietnamese customs, watch our video!
EVFTA tariff reductions for the machinery sector
The machinery sector is one of the largest for both Italy and Vietnam. Machinery items have been the most exported Italian commodity to Vietnam in recent years, while electronic devices and components constitute the main Italian import from the Asian country.
The planned reductions in entry fees will also bring enormous benefits to trade between the two countries. as between Vietnam and other EU member states. For more information, watch our video!