Downstream Products News - General

Vietnam's aluminium profile manufacturers form an association after the signing of EVFTA

AL Circle

Vietnam’s aluminium profile manufacturers from the north have formed an association and it made it first public appearance in Hanoi on July 23.

It was during a workshop on the EU-Vietnam Free Trade Agreement (EVFTA) held in Hanoi that the announcement was made regarding the Association. The workshop was organized as a part of a launching event for businesses to discuss opportunities and challenges for the aluminium profile sector. The event highlighted the benefits of a free trade agreement between Vietnam and the EU countries.

{alcircleadd}

profile

Vice Chairman and Secretary General of the Association Vu Van Phu said Vietnam’s aluminium exports to the EU make up only five per cent of its total aluminium import.

The European Union signed a landmark free trade deal with Vietnam in June, the first of its kind with a developing country in Asia, paving the way for tariff reductions on 99% of goods between the trading bloc and Southeast Asian country. The deal will eliminate 99% of tariffs on Vietnamese exports, although some will be cut over a 10-year period and some will be limited by quotas.

red mud

Vice President of the European Chamber of Commerce in Vietnam (EuroCharm) Nguyen Hai Minh said the tariff on Vietnamese aluminium exports to the EU will be reduced to zero per cent within eight years when the EVFTA takes effect. He however, mentioned that after the removal of tariffs, businesses must meet the market’s conditions to enjoy incentives.

With this deal, European businesses will shift their investment to Vietnam, then export to the Association of Southeast Asian Nations (ASEAN) and explore the Asian market. He suggested that the SMEs must change their mind set and working strategies to leverage on the opportunities to be brought about by EVFTA.

Edited By:


This news is also available on our App 'AlCircle News' Android | iOS


Alternate Text
EPIQ Machinery

A world class equipment designer specialized in developing innovative & effective solutions for heavy equipment, vehicles, and material handling systems

Alternate Text
RIA Cast House Engineering

Leading supplier of rail mounted precision Furnace Charging Machines and Furnace Skimming Machines

Alternate Text
Altek

Leading manufacturer of value-added equipment for the aluminum casthouse

Alternate Text
Jagannath Company

Manufacturers & Supplier of Magnesium Metal and Aluminium Foundry Chemicals

Alternate Text
CETAG

A supplier of proven systems and an expert adviser in aluminum casthouse technology, offering its services worldwide to the aluminum industry.

Related
Business Leads
Interested to buy aluminium ubc scrap. Destination : India ...
29-Feb-2024 Buying request

Interested to buy aluminium wire rod. Destination : Dadri p...
22-Feb-2024 Buying request

Interested to buy aluminium zorba scrap. Destination : Rajs...
22-Feb-2024 Buying request

Read this news article and much
more on the AL News app
Get real-time news and business
lead alerts on your phone
SUBSCRIBE NOW
Market

Market

Project

Project

Technology

Technology

Leads

Leads