Ministry of Industry and Trade (MoIT) reports, nearly $5 billion worth of Vietnam’s exports to the EU benefited from preferential tariffs under the EU-Vietnam Free Trade Agreement (EVFTA). The MoIT said FTAs have helped the country achieve fast and sustainable exports, gradually reducing its dependence on single or certain markets. Certificates of origin have helped it achieve about 32-34 per cent of annual export revenue benefit from preferential treatment under FTAs, showing that Vietnamese businesses and goods are increasingly tapping into concessionary tariffs in the markets having FTAs with the country

As per the MoIT, from August 1, 2020, when the EVFTA took effect, to April 4 this year, authorized agencies and organizations in Vietnam granted about 127,300 sets of the certificate of origin form EUR 1 for nearly $4.8 billion of exports to the 27 EU countries.

Besides, enterprises shipping goods to the EU also conducted self-certification of origin for more than $10.88 million worth commodities to utilize preferential tariffs. The beneficiary items were mainly footwear, aquatic products, textile-garment, farm produce, and electronic products, the MoIT said.