Vietnam represents promising market for Polish businesses in SEA

VOV.VN - Vietnam is one of the most promising markets for Polish businesses in Southeast Asia, especially following the 2020 enforcement of the EU-Vietnam Free Trade Agreement (EVFTA), according to Piotr Harasimowicz, chief representative of the Polish Trade and Investment Agency in HCM City.

Harasimowicz says Poland is maintaining an economic growth rate of more than 4% which becomes a magnet for new investments from Asia, including China. But the central European nation attaches importance to its partnership with Vietnam represented by a community of approximately 50,000 expatriates in Poland that can help promote trade between the two countries.

The European Parliament's Committee on International Trade (INTA) reports Vietnam’s exports of goods and services to the EU are anticipated to increase by EUR15 billion, while EU exports to the country are set to rise EUR8.3 billion by 2035.

The EVFTA is expected to eliminate roughly 99% of tariff on goods between the bloc and Vietnam. The pharmaceutical, agricultural, machinery, and automobile sectors are all set to benefit the most from the bilateral trade liberalisation.

Most notably, almost half of pharmaceutical products from the EU, including Poland, are anticipated to be exempt from customs duties of 8% following the enforcement of the trade pact.

Statistics released by Poland's trade and investment agency indicate that bilateral trade between Vietnam and the Polish market surpassed the US$3 billion mark in 2019, whilst recording double-digit growth over the past few years.

The major fields for co-operation include farm produce, pharmaceuticals, cosmetics, green technology, and wastewater treatment. There are also strong prospects ahead for co-operation in several potential areas of information technology, heavy industries such as mining, shipbuilding, machinery and equipment for agricultural production, and food processing.

Moreover, Vietnam mainly exports electronics and equipment, footwear, textiles and agricultural commodities such as coffee, pepper, coconut and cashew nuts to the Polish market.

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