The Vietnamese brand has not been well established in European countries while the benefits gained by Vietnamese businesses failed to meet their potential, deputy minister of MoIT Tran Quoc Khanh said.

The European Union-Vietnam Free Trade Agreement has led to positive results since it came into effect on August 1, 2020, a seminar organised recently in Hanoi by the ministry of industry and trade to review the pact was told. Experts, however, feel it is necessary to review the results to identify and rectify problems encountered in the past two years.

The ministry would conduct its review of cities and provinces via the free trade agreement (FTA) index to be announced next year that is expected to create an impetus for localities to create a favourable environment for enterprises and enable them to take advantage of FTAs.

It would work out specific solutions by offering business credit loans, promoting connectivity between companies and creating incentives for businesses, a Vietnamese media outlet reported.

Fibre2Fashion News Desk (DS)