ECO 601 - International Economics

COURSE TITLE:

International
Economics

Student : Mai Nguyen Hoang Nam

ID : 12-01087

COURSE CODE
ECO– 601
Monitor: Prof. Svetlana Mitereva

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[Final Assignment]

A Research Project Presented in Partial

Fullfillment of the Requirement for the
Degree Master of Business Administration

Submitted by: Mai Nguyen Hoang Nam

UBIS

Dec, 2020

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Executive Summary

Cocoa is an extremely important agricultural product. However, in Vietnam, although

it is considered to have great potential for development and a more distinctive flavor, cocoa
has not yet been fully invested in and optimally developed.

During my MBA at UBIS, I plan to start-up a career in Food and Beverage Service
after completing the course. Specifically, it will open a chain of restaurants specializing in
cocoa drinks, and at the same time use this brand to promote the production of cocoa
products such as chocolate, cocoa powder, cocoa butter ...

In the content of this report, I will not detail my start-up project, but focus only on
cocoa agricultural products related to the free trade agreement EVFTA. The reports of the
following subjects will be presented by me related to each part of this start-up project, and
upon completion of the course will link the report content of each subject into a complete
direction for the project- my start-up project.

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Acknowledgement

It is my pleasure to thank those who helped me complete this post.

The first person I want to express my sincere gratitude to is my lecturer Master

Nguyen Anh Toan. Without the helpful advice and guidance from my instructor, I wouldn't
be able to complete this essay well.

I would like to extend a special thanks to the IBM Institute, my family members and
my dearest friends, who supported me from beginning to end in this essay.

Best regards,

Mai Nguyen Hoang Nam

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Table of Contents

1. Country and Company Overview ...................................................................................... 7

1.1 Viet Nam Country Introduction .................................................................................................................... 7

1.2 Vietnam – EU Trade ..................................................................................................................................... 7

1.3 Start-up Project Overview ............................................................................................................................ 8

1.4 The Industry of Operation ............................................................................................................................ 9

2. The EVFTA Regulations Affecting Your Company ....................................................... 11

2.1 EVFTA Introduction ................................................................................................................................... 11

2.2 About Cocoa Industry................................................................................................................................. 12

2.3 About Company .......................................................................................................................................... 14

3. Proposed Solution ............................................................................................................. 15

3.1 Solutions to Take Opportunities ................................................................................................................. 15

3.2 Risk Management Solutions ....................................................................................................................... 16

3.3 Strategy Redirection or Market Exit Strategy ............................................................................................ 17

4. Conclusion .......................................................................................................................... 17

Reference ................................................................................................................................ 19

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List of Figures

Figure 1 Vietnamese cocoa beans ........................................................................................... 10

Figure 2 Maison Cailler, chocolate factory ............................................................................ 12

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1. Country and Company Overview

1.1 Viet Nam Country Introduction

It can be affirmed that ASEAN is the first integration step for Vietnam to enter the world
economy. After 25 years of joining ASEAN, Vietnam, from a slow-growing economy, with a
per capita income of less than 300 USD in 1995, has now joined the group of developing
countries with an income of 3,000 USD/person.

Moreover, Vietnam has become the gateway for the European Union (EU) to come to
ASEAN through the Vietnam - EU Free Trade Agreement (EVFTA).

The EVFTA Agreement was started and ended the negotiation in the context of the
increasingly well-developed bilateral relationship between Vietnam and the EU, especially in
the economic-trade field. The EU is currently one of the leading trade partners of Vietnam
with two-way turnover in 2019 reaching 56.45 billion USD, of which exports reached 41.5
billion USD, imports from the EU reached 14.9 billion. USD. The EVFTA is a
comprehensive, high-quality, and balanced agreement of interests for both Vietnam and the
EU, which has also taken into account the gap in development levels between the two sides.

EU is a coalition of 28 countries in the European region and is one Vietnam's biggest

trading partners. Until now Currently, Vietnam does not have FTAs with other countries in
this region.

The EU has started to negotiate an FTA with the ASEAN region since 2007. However, in
2009 the negotiation was stopped. Regarding bilateral relations with each ASEAN country,
the EU is now complete negotiate FTA with Singapore, basically end FTA negotiations with
Vietnam and is negotiating an FTA with Thailand and Malaysia. The EU is currently
Vietnam's second largest trading partner. Highlights in the import-export structure between
Vietnam and the EU is a huge complement, less direct competition.

1.2 Vietnam – EU Trade

EVFTA is a comprehensive, high quality, balanced agreement of interests for both

Vietnam and the EU, and in accordance with the provisions of the World Trade Organization
(WTO).

As for Vietnamese exports, as soon as the Agreement comes into effect, the EU will
eliminate import duties on about 85.6% of tariff lines, equivalent to 70.3% of Vietnam's
export turnover to the EU.

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After 7 years from the date of entry into force of the Agreement, the EU will eliminate
import duties on 99.2% of tariff lines, equivalent to 99.7% of Vietnam's export turnover. For
the remaining 0.3% of export turnover, the EU commits to give Vietnam a tariff rate quota
with the import tax in the quota of 0%.

Thus, it can be said that nearly 100% of Vietnam's export turnover to the EU will be
eliminated from the import tax after a short journey. So far, this is the highest level of
commitments that a partner for Vietnam in the FTAs has been signed. This benefit is
especially meaningful when the EU is continuously one of the two largest export markets of
Vietnam today.

Research by the Ministry of Planning and Investment shows that if commitments on tariff
reduction and non-tariff are fully implemented, Vietnam's economic growth will be improved
in the short, medium and long term. EVFTA is expected to contribute to the GDP increase at
an average rate of 2.18 to 3.25% (for the first 5 years of implementation), 4.57-5.30% (for the
next 5 years) and 7.07-7.72% (for the 5 year period thereafter).

Regarding exports, EVFTA is expected to increase Vietnam's export turnover to the EU

by about 42.7% in 2025 and 44.37% in 2030 compared with the absence of the Agreement.

In general, EVFTA will contribute to diversifying our market so that we do not depend
too much on any one market, thereby helping to ensure the economic security of Vietnam.

In the context of trade uncertainty, the EVFTA Agreement is considered a bright spot in
the roadmap for Vietnam's economic recovery. Up to the present time, Vietnam is emerging
as one of the successful countries in the fight against the Covid-19 pandemic. Besides, as one
of the few countries that are reopening their economy, Vietnam has also become a model for
other countries to follow.

1.3 Start-up Project Overview

Expected start-up project:

- Company name: JUVENTAS JOINT STOCK COMPANY

- Abbreviation: JJSC

- Address: HCMC

 Production activities: Food and Beverage Service, production and trading of cocoa
products: cocoa powder, cocoa butter, chocolate ...

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 Objectives: To sustainably develop and become a supplier of top quality cocoa

products in the world, build cocoa consumption culture for Vietnam and ASEAN.

 Vision: To become a leading cocoa brand - Food and Beverage Service in the
world. Open a global cocoa chain and offer premium cocoa related products.

 Mission: Providing high quality cocoa products to consumers; Bring jobs to many
farmers; Raising the level of Vietnamese agricultural products.

Competitors:

- Vietnam Cocoa Joint Stock Company (Vietnamcacao - Vinacao) operates in the field
of manufacturing cocoa products in Vietnam. Keep domestic rate 40% and 60%
export. However, Vinacacao products according to subjective assessment are not
really attractive in terms of taste, price ...

- Marou Chocolate. Many famous overseas magazines and blogs such as Le Nouvel
Observateur (France), ChocolateReviews.co.uk, or more recently the New York
Times and Nikke have given countless praise to the so-called chocolate. This "world's
best". However, Marou only focuses on chocolate production, but the cultures of
Southeast Asian countries, especially Vietnam, do not really use as much chocolate
every day as in Europe and America

 Take advantage of the understanding of cultural culture to gradually reach

consumers, create habits for cocoa users in Vietnam and ASEAN. At the same
time, create brand recognition to easily manufacture and export cocoa-related
products such as cocoa powder, cocoa butter, chocolate ...

 Applying FTA agreements to analysis of cocoa export advantages for enterprises.

Since then, there is a thorough preparation of product quality, ensuring the export
problem according to regulations.

1.4 The Industry of Operation

The International Cocoa Council (International Cocoa Council) has ranked Vietnam in
the group of cocoa growing countries with good cocoa products.

After the 2013 Quality Cocoa Award in France, Vietnamese cocoa has just been included
in the list of the world's top good flavored agricultural produce countries recognized by ICC.
Thus, Vietnam has become the 23rd country to be ranked in this list out of a total of about 60

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countries in the world producing cocoa. Apart from Vietnam, only one other Asian country
on the list is Indonesia. The rest are countries in America and Africa.

Figure 1 Vietnamese cocoa beans

Countries classified by the International Cocoa Council in the list of producing good
cocoa are also evaluated specifically by the Council for the ratio of cocoa production meeting
the above standards. Accordingly, Vietnam has 40% of cocoa production achieving good
taste.

Compared with Indonesia, the proportion of good flavored cocoa in Vietnam is much
higher, as this rate of Indonesia is only 1%. But compared to most of the countries in the list,
the percentage of good flavored cocoa in Vietnam is still quite modest, because there are 10
countries with 100% good taste, many countries have a ratio of 75 - 95. %, the rest of some
countries have the same percentage of flavored cocoa, slightly higher or lower than Vietnam,
such as Belize 50%, Honduras 50%, Panama 50%, Guatemala 50%, Dominican Republic
40% and Sao Tome and Principe 35%.

Being classified in high quality countries with good taste will definitely help Vietnam's
cocoa export to be more favorable.

 Opportunity : Vietnam's rice and coffee industry has already developed in agriculture,
only the cocoa industry has almost nothing. European and North American markets
consume 3-4 million tons of cocoa / year, but they cannot grow.

 Advantages : Malaysia and Indonesia have advantages in Southeast Asia to develop

cocoa trees. But young Malaysian people do not like to go to farms, and cocoa trees in
Indonesia are genetically aging. Vietnam has emerged as a potential country to
develop this plant.

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 Difficulty : The industry is young so cocoa has not been ranked among the items with
price and interest support support; The weak market purchasing power due to the
instability of the world economy and cocoa is not an essential product.

2. The EVFTA Regulations Affecting Your Company

2.1 EVFTA Introduction

EVFTA is a comprehensive, high quality, balanced agreement of interests for both

Vietnam and the EU, and in accordance with the provisions of the World Trade Organization
(WTO).

The Agreement consists of 17 Chapters, 2 Protocols and a number of memoranda of

understanding with the main contents: trade in goods (including general regulations and
commitments to open markets), rules of origin, Customs and trade facilitation, food hygiene
and safety measures (SPS), technical barriers to trade (TBT), trade in services (including
general regulations and commitment to open markets) investment, trade defense, competition,
SOE, government procurement, intellectual property, commerce and sustainable
development, cooperation and capacity building, legal issues institutional.

In the scope of the report, I focus on analyzing the terms that directly affect my business

 For Vietnam's exports: As soon as the Agreement comes into effect, the EU will
eliminate import duties on about 85.6% of tariff lines, equivalent to 70.3% of
Vietnam's export turnover to the EU. After 7 years from the date of entry into force of
the Agreement, the EU will abolish import duties on 99.2% of tariff lines, equivalent
to 99.7% of Vietnam's export turnover. For the remaining 0.3% of export turnover,
the EU commits to give Vietnam a tariff rate quota with the import tax in the quota of
0%.

Thus, it can be said that nearly 100% of Vietnam's export turnover to the EU will be
eliminated from the import tax after a short journey. So far, this is the highest level of
commitment a partner gives us in the FTA agreements has been signed.

 Rules of origin: General rules of origin; Specific rules of origin for certain goods.

 Trade and sustainable development: The two sides affirmed their commitment to
pursuing sustainable development, including economic development, social
development and environmental protection.

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 Food safety and phytosanitary measures (SPS)

2.2 About Cocoa Industry

Although cocoa is a tropical crop, however, chocolate is consumed the most in cold
countries like Europe.

For Example:

 Sweden: The chocolate industry exists and thrives, with each person eating an
average of 6.4 kg/year.

 UK: People in the land of fog have a lot of love for chocolate. According to Mintel's
survey, 1 out of 6 people eat chocolate every day. Nearly 73% of the population
supports pure chocolate.

 Ireland: According to a report, the value of the chocolate market in Ireland is 677
USD. Each person here consumes nearly 8 kg/year.

 Switzerland: A trip to Switzerland is not complete if you do not taste the attractive
chocolate bars. Not only tourists, people love this dish. One resident can eat nearly 9
kg of chocolate per year, leading the world in chocolate consumption. Here, visitors
will have the opportunity to visit the Cailler factory, the oldest and most famous
chocolate brand in the country.

Figure 2 Maison Cailler, chocolate factory

Agriculture is one of the very potential areas in which Vietnam and the EU can promote
cooperation. Vietnam can take advantage of such advantages as technology in agricultural
cultivation. On the other hand, EU consumers are also very fond of Vietnamese agricultural

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and aquatic products such as tea, coffee, cocoa, spices ... In fact, up to now, the amount of
agricultural products imported into the EU Vietnam is still low. However, this output is also
increasing, especially with the expectation that EVFTA will be implemented in the near
future.

Cooperation between the EU and Vietnam has brought benefits to both sides. The EU's
ordering of agricultural products can create a stable source of income for Vietnamese
farmers, they can also apply advanced farming technologies from the EU towards more
sustainable.

The most obvious benefit for Vietnam after the EVFTA is ratified and takes effect is that
Vietnamese products become more attractive, thanks to the reduction of tariff barriers in
short, Vietnamese goods. The South will become more competitive than goods from other
countries that do not have an FTA with the EU. But as I mentioned earlier, the EU has very
strict standards on imported goods to protect their consumers, so it is important for
Vietnamese businesses to understand the agreement and its policies rules for exporting goods.

However, the EU has always taken the rules-based free and fair trade very seriously.
Therefore, as long as Vietnamese products can meet the requirements of EVFTA such as
Rules of Origin (ROO), GI, Sanitary and Phytosanitary Measures (SPS), Vietnamese
enterprises will have Huge opportunity to thrive in a high-income market with over 500
million consumers.

 Opportunity:

- The EU consumes a lot of cocoa products. However, the EU cannot grow cocoa.

- In 2013, the award for best cocoa in Asia-Pacific region in Paris (France) has
ingredients from Vietnamese cocoa beans. World processors classify Vietnamese
cocoa in the group of high quality countries such as Ghana, Côte d'Ivoire, Brazil. In
2015, the World Cocoa Organization (ICCO) put Vietnam on the list of the world's
top cocoa producing countries.

- As the only country in Asia to grow and export fermented cocoa (newly made
chocolates), if not only for making flour or other lower-end products, Vietnam is
expected to be a major cocoa exporter in the region. Thanks to its prime location to
meet the demand for fermented cocoa beans for chocolate producers

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- In terms of exports, though, the EU is currently one of the export markets Vietnam's
largest, the market share of Vietnam's goods in this region still very modest, because
of the competitiveness of Vietnamese products (especiall price competitiveness) is
still limited. So if deleted to over 99% tariff under EVFTA, businesses will have
many opportunities increase the price competitiveness of goods when imported into
the region this important market.

 Challenge:

- Rules of origin requirements can be difficult to meet: Usually goods If goods want to
enjoy preferential tariffs under the FTA, the raw materials must satisfy corresponds to
a ratio of a certain internal content (exported material origin in EU and/or Vietnam).
This is a big challenge for entrepreneurs industry because raw materials from China
are very cheap. If other competitors use this material and cannot be exported, it could
affect the entire cocoa export industry in Vietnam.

- Barriers TBT, SPS and customer requirements: The EU is a market grumpy.

Customers have high demands on product quality. Requirements compulsory food
hygiene and safety, labeling, environment ... of the EU very demanding and not easy
to meet. So even though there are tariff benefits Vietnamese goods also have to be
perfected a lot in terms of quality these barriers can be overcome.

- The tariff preferences of EVFTA will open up opportunities for Vietnamese

agricultural products to access and penetrate deeper into the large market with 28
member countries. But this is also a high-quality market, if Vietnamese agricultural
products do not pass the standard door, that opportunity will soon slip out of hand.

2.3 About Company

Our company is a young, inexperienced Start-up. Therefore, the company will focus its
strength on the differences between Vietnamese cocoa and the world.

Vietnam has a very unique type of cocoa, it has a fruity and mildly sour flavor that is
difficult to find. This is the factor that can help Vietnam become a unique product, occupying
an interesting niche in the world. With such potentials, what needs to be done now is how to
exploit it effectively

Currently, the chocolate industry is consuming more than 4 million tonnes of cocoa beans
from around the world, with chocolate consumption increasing an average 5.7%. If major

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markets like the EU and the US impose stricter regulations, the door to countries with
sustainable supply chains will open. The demand for a sustainable cocoa source is growing
strongly and Vietnam can respond while other countries struggle to comply.

Indonesia, the world's third largest cocoa producer, has reduced cocoa production since
2010 due to bad weather and aging trees. As a result, some farmers switch production to
crops such as corn, rubber or palm oil. Ghana, the second largest cocoa supplier in the world,
looks to Asia and especially China. To boost cocoa production, the country is trying to find a
$ 1.5 billion loan from China's Eximbank.

In order to take full advantage of the opportunities that EVFTA offers, I think that there is
plenty of room for value-added cocoa industry, so companies need to promote deep
processing. Must strictly comply with regulations on technical barriers as well as food
hygiene and safety committed in FTAs in general and EVFTA in particular.

Besides, focus on raw material areas. Farmers' support must also shift towards sustainable
farming, achieving international certification; there is a close coordination and connection
between domestic enterprises and between domestic enterprises and distributors in the EU,
thereby increasing the value of cocoa exports.

The EVFTA Agreement will help establish a stable and long-term export market. With
the volatile world situation causing disturbances in the supply chain in recent years, the
formation of the largest free trade area in the world under the EVFTA will create a stable
export market. for long-term policies for Vietnam, thereby contributing to the implementation
of the company's export-oriented production policy.

3. Proposed Solution

3.1 Solutions to Take Opportunities

Firstly, to satisfy EU customers, Vietnam needs to focus on developing science and

technology to match the industrial revolution 4.0. Increasing competitiveness in this field
brings great benefits to Vietnam when participating in the global supply chain.

Second, Vietnamese goods must be raised to a new level, standardized, environmentally

friendly, free from pesticides and preservatives. This not only improves product quality, but
also helps "made in Vietnam" goods avoid protectionism from other countries, not only in the
EU. The government should also promote administrative reform to reduce the procedural and

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regulatory burden on businesses. In particular, customs procedures need to be reviewed and

amended simply and effectively, thereby creating favorable conditions for import and export
activities of businesses in general and the cocoa industry in particular.

Strengthen in-depth research into international trade law; understand and prepare to deal
with trade barriers in foreign markets.

For the cocoa industry, the government needs to develop an appropriate motivation
mechanism. Currently, the tariff is relatively clear. However, tariffs and other barriers need to
be monitored continuously to provide adequate protection and incentives for businesses, but
not to violate Vietnam's commitments under international agreements.

For companies:

- Increase product quality and save costs for the company.

- Market: Join with the world's leading corporations to learn from experiences and seek
markets new schools in other countries.

- Training, recruiting sufficient personnel, skilled, flexible, capable of handling jobs

and negotiate with customers to gradually dominate and expand the market.

- Increasing support for farmers to the maximum, ensuring clean raw material areas,
meeting international standards.

3.2 Risk Management Solutions

Technology: Always updating new technologies in production and processing.

Products: Constantly improving and improving product quality. Investigate carefully the
characteristics of each market to meet appropriate needs.

Disseminate knowledge about EVFTA's regulations for exported goods down to each
department to m

Access from the beginning of international standards and certification to avoid having to
change production lines when export standards to EU cannot be metinimize risks.

Focus on product quality, not product price. This is the best strategy to prepare the
conditions for a new contest. Exporting traditional goods must go with efforts to minimize
the risks that may arise.

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Focusing on food hygiene issues, meeting EU-regulated standards and management

procedures, attaching great importance to social responsibility, transparency of information
on labor and production environment, especially ensuring regulations. rules of origin when
exporting to the EU.

3.3 Strategy Redirection or Market Exit Strategy

In the long run, JUVENTAS should be aware that only diversifying cocoa products
(making a difference) and increasing competitiveness through price, ensures sustainable
exports. This process takes a lot of time, but now JUVENTAS needs to start with specific
programs and actions. A firm's export competitiveness in the long run can only be enhanced
when firms value it primarily and have a deep understanding of the market.

4. Conclusion

The opportunities that EVFTA brings will go hand in hand with the difficulties and
challenges that the companies face when implementing the Agreement. Therefore, in order to
make the most of the opportunities offered by the EVFTA Agreement, while at the same time
strictly enforcing the EVFTA regulations, care should be taken to have a strategy, plan and
equipment ready for development. company development in new market conditions and trade
landscape with the EVFTA Agreement.

In addition, the Government should accelerate the process of reforming administrative

procedures, along with directing the review and completion of institutions and policies. At
the same time, the Government should direct to strengthen the implementation of propaganda
about the contents of the Agreement and guide the implementation of the committed contents
and the provisions of the EVFTA so that Vietnamese enterprises have a better understanding
of the contents. of the EVFTA Agreement, which aspects businesses can exploit and benefit
from the Agreement

The Free Trade Agreement between Vietnam and the EU (EVFTA) is considered a bright
spot in the roadmap for economic recovery in Vietnam. Thus, the EVFTA Agreement will
bring Vietnamese businesses the opportunity to penetrate the European market, a large
market with about 500 million consumers. On the contrary, Vietnamese consumers also have
access to European innovative and high quality goods and services. EVFTA also contributes
to promoting trade, investment, economic growth of Vietnam and making this country an
attractive destination for European investors in Asia.

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Cocoa Vietnam also faces another great opportunity as the worldwide demand for cocoa
products is increasing. In addition, Vietnam is the only country in Asia to export fermented
cocoa beans and has a strategic position to meet the demand for fermented cocoa beans for
chocolate manufacturers ... Currently, Vietnamese cocoa Exporting hundreds of tons of nuts
to the world market, including difficult markets like Japan. These are good premises for the
development of cocoa trees in the future.

On the company side: Although it is a start-up project, it can be seen more clearly through
the report that the long-distance strategy for the business is. Details of other company issues
are summarized in the following course reports. However, within the scope of this ECO
report, the company has a more comprehensive view. If you want to develop into an
international business, you need to invest in product quality from the very beginning to meet
future export standards. Through EVFTA, businesses also better understand the company's
advantages when exporting.

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Reference

An overview on the cocoa industry of Vietnam, Ph.D student, Master. Bui Thanh Giang

https://haiquanonline.com.vn/nong-nghiep-viet-lam-gi-de-huong-loi-tu-evfta-
129153.html

https://www.sggp.org.vn/phat-trien-ca-cao-tiep-can-moi-297303.html

https://trungtamwto.vn/fta/199-viet-nam--eu-evfta/

http://evfta.moit.gov.vn/

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