Seminar highlights Vietnam-EU FTA’s implications for institutional reform

Thursday, 2015-06-25 16:28:13
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At the seminar (baodautu.vn)
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NDO - The Central Institute for Economic Management (CIEM) in co-ordination with the Embassy of Denmark on June 25 held a seminar on the Vietnam-EU Free Trade Agreement (FTA)’s implications for policy and institutional reform.

In his opening speech, Ambassador of Denmark, John Nielsen said the signing of an EU-Vietnam FTA will bring about tremendous economic development opportunities.

In the coming years, Vietnam should exert more efforts to boost policy and institutional reform, and well prepare to be able to efficiently enact FTAs, he added.

As an EU member state, Denmark is pleased to support Vietnam and back the early signing of a Vietnam-EU Free Trade Agreement, he noted.

Speaking at the seminar, Director of the CIEM Nguyen Dinh Cung said the EU has become one of Vietnam’s most important partners in various fields, especially development co-operation, trade and investment.

The signing of the FTA with the EU would facilitate Vietnam’s garment, textiles, footwear, and seafood exports whilst the European Union would have advantages in the service sector, pharmaceuticals and high-tech products.

At the seminar, delegates also pointed out challenges facing the agreement such as pressure on the government of Vietnam in restructuring its economy and improving the investment environment. Domestic enterprises also need to step up market research and trade promotion and build long-term business plans to improve their products’ quality and competitiveness.

Vietnam and the EU started FTA talks in June 2012, with the latter being the second largest trade partner of Vietnam. The two sides went through 12 official rounds of negotiations.