Seminar to Boost Trade with EU Held in Hanoi

Officials from Vietnamese ministries, the Vietnam Chamber of Industry and Commerce (VCCI), the European Commission (EC) November 18 gathered at a seminar aiming to help local manufacturers, importers, exporters and authorities to speed with the new European Union (EU) regulations and provide them with the criteria necessary to obtain Authorized Economic Operator (AEO) status.

 

Vietnamese traders will benefit from simplified customs clearance procedures if they obtain AEO status, which is granted by the EU, Pierre Faucherand, Minister Counselor, Regional representative from the Directorate General’s Taxation and Customs Union (DG Taxud) in Asia said at the seminar “Security and Trade Facilitation in the International Supply Chain; the new EU security legislation” held in Hanoi November 18.

 

“The EU AEO program strikes a balance between increased security requirements and the facilitation of trade for compliant traders. Those traders who meet specific criteria can benefit from simplified customs clearance procedures and deferred payments of customs duties,” he clarified.

 

Currently, the EU is one of Vietnam’s most important export markets, said Deputy Minister of Finance Do Hoang Anh Tuan, elaborating two-way trade between Vietnam and the EU climbed to US$17.4 billion in 2007. In the first eight months of this year, the figure was already US$14.9 billion.

 

The bilateral trade value is expected to increase to US$20.54 billion this year. (VNA)