Chairman of the Vietnam Chamber of Commerce and Industry Vu Tien Loc

However, local competition will be fiercer between locals, foreign companies and FDI enterprises.

Chairman of the Vietnam Chamber of Commerce and Industry, Vu Tien Loc, comments: “To realize benefits gained from the 0% tariff lines, both the state and corporate sectors needs to put more efforts in the institutional reform and localization of EVFTA and other FTAs’ commitments in our regulations. This will promote compliance and local business growth while fully tapping the advantages the EVFTA and other free trade deals would generate.”