It is anticipated that the impending EU–Vietnam Free Trade Agreement (EVFTA) will bring about huge benefits to the nation’s agricultural sector, according to Marc Tarabella, a parliamentarian from the European Parliament EP’s Committee on Agriculture and Rural Development.

In line with the terms of the agreement, which was officially adopted by the Vietnamese National Assembly on June 8, up to 65% of import taxes placed on Vietnamese goods will be removed when entering the EU market.The rest will be lifted gradually moving towards 2030, the EP official said.

Moreover, the country will be able to enjoy a duty-free quota on 30,000 tonnes of white rice, 20,000 tonnes of whole grain rice, and 30,000 tonnes of fragrant rice.

Other national commodities, including high-quality items such as cashew, along with tea and coffee, will also enjoy the benefits of the trade deal once it comes into force, he added.

Furthermore, the European side will also enjoy benefits by exporting beef, dairy products, and pork to Vietnam, Tarabella noted.

The European parliamentarian therefore believes that the EVFTA is a win-win deal for both sides as it is expected to help increase the country’s export turnover to Europe by over EUR15 billion annually, in addition to boosting European exports the nation by more than EU 8 billion per year.

Despite these positives, he believes that once the deal comes into full effect, the country must strive to make improvements to productivity in terms of farming, as well as abiding by international and European food safety standards in relation to production.

Another crucial aspect of the trade deal is compliance with manufacturing processes and traceability. This will see the country respect 169 geographical indications of Europe, while the EU will simultaneously comply with geographical indications put in place by the Vietnamese side.

The trade deal will also serve as extra leverage, offering an opportunity for both sides to enhance trade links, as well as meeting higher standards, the official added.