EU strikes trade deal with Vietnam

The European Union (EU) food and drink sector stands to benefit from a free trade deal struck between the EU and Vietnam.

Once ratified, the agreement will see Vietnam phasing out import tariffs on EU-made manufactured foods, wines and spirits over seven years; meat and poultry between three and 10 years; and dairy products within five years.

Also, Vietnam has promised to allow more EU investment in its food manufacturing sector.

The EU already exported €6.1 billion’s worth of food and live animals to Vietnam last year and €739 million’s worth of beverages and tobacco, say European Commission figures.

The EU will also scrap duties on Vietnamese exports and offer more quota-limited market access to Vietnam exports of rice, sweet corn, garlic, mushrooms, sugar, high sugar containing products, manioc starch, surimi and canned tuna.

Vietnam exported €22 billion’s worth of food and live animals to the EU in 2014.