The association of Vietnamese aluminium profile for the north made its first public appearance in Hanoi on July 23.

Illustrative image (Source: VNA)

A workshop on the EU-Vietnam Free Trade Agreement (EVFTA) was held as part of the launching event for businesses to discuss opportunities and challenges for the aluminium sector.

Vice Chairman and Secretary General of the association Vu Van Phu said Vietnam’s aluminium exports to the EU make up only 5 percent. 

Vice President of the European Chamber of Commerce in Vietnam (EuroCharm) Nguyen Hai Minh said the tariff for Vietnamese aluminium exports to the EU will be reduced by zero percent within eight years when the EVFTA takes effect. However, the most important thing in the removal of tariff is that businesses must meet the market’s conditions to enjoy incentives.

With this deal, European businesses will shift their investment to Vietnam, then export to the Association of Southeast Asian Nations (ASEAN) and move towards the Asian market, he added.

The official suggested businesses, especially small- and medium-sized enterprises (SMEs), change their mindset and working style to make use of opportunities from the EVFTA.