Dong Nai (VNA) - Many business owners in the southern provinceof Dong Nai, a major industrial hub in Vietnam, have expressed delight at theNational Assembly (NA) ratifying the EU-Vietnam Free Trade Agreement (EVFTA)and the Investment Protection Agreement (EVIPA) on June 8.

Nguyen Ngoc Tuan, Director of the Viet A Tax-Accounting-Law Co. Ltd inBien Hoa city, said the two deals are of critical importance as they reflectVietnam’s increasing integration into the global economy. They also show thatthe EU and its members attach importance to and highly value the country’seconomic development potential.

Vietnam is one of ASEAN’s two largest exporters to the EU, he went on,noting that the ratification of the agreements will help reduce its exportdependence on certain markets and bolster shipments to the EU, especiallyleather footwear, garments, and agricultural products.

The EVFTA and EVIPA will also help the country press on with improving itsbusiness climate to match international practice, he said.

To capitalise on the advantages generated by the two deals, he believed domesticfirms should comprehensively study their regulations and commitments whileenhancing their own governance to boost competitiveness.

Ministries and other central agencies also need to publicise the EVFTAand EVIPA to help businesses make use of the opportunities and must also amend thelegal framework where necessary to ensure the interests of all enterprises, hesuggested.

Echoing that view, Dang Tuong Khanh, Director of the Trong Duc CocoaCompany in Dong Nai’s Dinh Quan district, said the agreements will bring aboutconsiderable opportunities for Vietnam’s agriculture sector.

He took cocoa as an example, explaining that most of themajor processing facilities around the world are currently located in Europeand primarily use materials imported from Africa. The majority of cocoa trees onthe continent, however, are quite old and output and quality are on the decline.Given this, European processors are seeking new material suppliers.

Vietnamese cocoa, meanwhile, has been highly valued around the world andhe proposed that authorities prepare detailed development strategies to help itenter the European market.

The State needs to pay greater attention to agricultural processing,Khanh added, as Vietnam is home to a number of quality farm products butprocessing remains weak, which has hampered product competitiveness./.