EU-Preferential Agreement with Vietnam: With SPEEDI well prepared for preferential trade

Although the Preference Agreement of the European Union (EU) with Vietnam (EU-Vietnam Free Trade Agreement, EVFTA) did not start until the beginning of August 2020, WSW Software can already offer an EVFTA update for the successful SPEEDI solutions for preference processing.

 

European companies that export goods and products to Vietnam and use SAP ERP or SAP S/4HANA in combination with SPEEDI solutions can now map the EVFTA preference rules, including all the necessary documentation, integrated in their SAP software. WSW Software also supports customers with the necessary adaptations of their SPEEDI solutions for preference processing, which extend the SAP standard without modification.

 

The specialists at WSW Software have implemented the EVFTA update for SPEEDI at several customers who use SAP software and SPEEDI solutions for preference processing. Furthermore the EVFTA preference rules can be uploaded directly into the SPEEDI solutions if a content provider provides them as data content in XML format.

 

The Free Trade Agreement between the EU and Vietnam offers numerous advantages to export-oriented companies from Europe. For example, more than 99 percent of customs duties on originating goods will become obsolete over the years. For 65 percent of EU products, including almost all mechanical engineering products, customs duties will be eliminated on import immediately after the agreement becomes effective.

 

The SPEEDI solutions for preference processing will also be adapted as soon as new EVFTA requirements are added and, in the case of new EU preference agreements, extended to include necessary updates. This is a major advantage, as is the flexibility of the SPEEDI solutions, which allows not only the preferential agreements of the EU but also the agreements of other economic areas to be mapped. The most recent example is the North American United States-Mexico-Canada Agreement (USMCA).

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