Vietnamese businesses should enhance their exports to the European Union (EU) through official channels, despite the associated complexities and costs, recommends an article in VietnamPlus.vn.
Senior economist Nguyen Thanh Hung highlighted upcoming EU regulations that could significantly impact Vietnam’s exports. One key regulation is the Carbon Border Adjustment Mechanism (CBAM), which will pilot on October 1, 2024, and be fully implemented in 2026, imposing carbon taxes on imports based on their production-related emissions. Hung emphasized the need for Vietnamese enterprises to adapt their production models to meet these new EU requirements.
Dinh Sy Minh Lang from the Ministry of Industry and Trade’s European-American Markets Department noted that EU retailers prioritize sustainable, eco-friendly, and fair-trade products. He urged Vietnamese businesses to research target markets, understand standards and regulations, and assess their own capabilities to develop effective export strategies. Lang also advised companies to ensure their products meet international standards, maintain quality management systems, enhance employee skills, upgrade technology, and focus on high-quality production to succeed in official export channels.
For businesses looking to export to Nordic countries within the EU, compliance with these evolving regulations and sustainability trends is essential to improving market access and credibility, the article recommended.