The European Union (EU) is striving to support the Vietnamese government to fully materialise the EU-Vietnam Free Trade Agreement (EVFTA) through the ASEAN Regional Integration Support – Vietnam Trade-Related Assistance (ARISE+ Vietnam).
The help also includes the grouping's assistance to Vietnam to implement its tax commitments and conduct trade data analysis.
Currently, Vietnam follows the ASEAN Harmonised Tariff Nomenclature (AHTN), which is reviewed every five years in line with amendments to the Harmonised System (HS).
According to the Ministry of Finance, a list of Vietnamese imports and exports is being compiled in accordance with the AHTN to update technology and trade and classify goods to match market demand.
Therefore, it is important for Vietnam to apply the HS and the AHTN consistently and accurately to facilitate customs clearance.
The ministry said officials in the tax sector need to know the latest information on the new tariff system.
In late January, ARISE Vietnam coordinated with the finance ministry to organise a training course on Vietnam’s tariff transition from AHTN 2017 to the 2022 edition.
Thanks to these efforts, Vietnam is preparing for the changes in tariffs and completing its tax reduction roadmap set in the EVFTA.
Under Article 17.14 of the EVFTA, available statistics on preference utilisation will be exchanged each year on July 1, creating a foundation for the two sides to evaluate the efficiency of the implementation of the deal.
Truong Thanh Ha, from the Department of International Cooperation under the Ministry of Finance, said the analysis and assessment of EVFTA impacts during the implementation helps Vietnam improve its supervision and fulfill its commitments.
Through ARISE + Vietnam, the EU has launched a training course on trade data analysis to facilitate the implementation of free trade agreements for more than 30 officials from the Ministry of Finance, the Ministry of Industry and Trade, and the General Department of Customs.
The course is designed to improve the capacity of Vietnamese officials and researchers in trade data analysis and the evaluation of EVFTA implementation as well as its impacts.
Peter Bernhardt, the Team Leader of ARISE Vietnam project, said economic research studies evaluating EVFTA impacts are of special significance to Vietnam as they help the country adjust its policies to ease negative impact and maximise the pact.
ARISE + Vietnam is a project funded by the EU to integrate Vietnam’s economy into the global production chain through targeted support to both public and private sectors. It will support the Vietnamese Government to reap the benefits of new bilateral and regional trade commitments, with a focus on the implementation of the EVFTA.
This is part of the ASEAN Regional Integration Support by the EU – ARISE Regional Programme– to provide trade related technical assistance to the region.
The project is implemented by DAI Global in a consortium with the European Chamber of Commerce in Vietnam (EuroCham), the Vietnam Chamber of Commerce and Industry (VCCI), and GOPA Group under the supervision of the EU Delegation to Vietnam.