Vietnam’s exports to the European Union are to rise by 75 percent by2020, predicted Dr. Vu Huyen Phuong from Foreign Trade University.

The surge will lead to expanded production activities and increasedattraction of foreign investment and job opportunities, said Dr. Phuongat a conference in Ho Chi Minh on April 25 which focused on supportingnon-State entities in joining the Vietnam-EU free trade agreement(EVFTA).

Phuong also held that Vietnam’s labour export will also enjoy sharp growth.

Meanwhile, Nguyen Thi Quynh Nga from the Multi-Trade Policy Departmentunder the Ministry of Industry and Trade, said the EVFTA is an ambitiousand comprehensive deal on trade, service, investment and governmentprocurement.

Apart from removing non-tariff barriers, theagreement will also settle other matters related to legal procedure,competitiveness, intellectual property including geographicalindication.

Some experts at the conference agued that thedeal is expected to pave the way for the increase of Vietnam’s exportsas factors supporting export growth become saturated.

However, they pointed out a number of challenges facing Vietnam when thedeal is signed, especially procedure to prove goods’ origin.

Besides, Vietnamese firms and farmers should try harder to competeagainst products imported from the EU, requiring stronger marketstrategies, information and forecast.

According to theMulti-Trade Policy Department, latest negotiations for the agreementconcluded in March this year with positive results. The two sidesexpected to finalise a number of key contents of the deal towards thesigning of the deal in the first half of 2015.-VNA