EVFTA offers great opportunities to maximise Vietnam-EU cooperation potential: Deputy Minister

Friday, 2020-06-26 15:35:09
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Deputy Foreign Minister Bui Thanh Son speaks at the seminar.
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NDO – The free trade agreement between Vietnam and the European Union (EVFTA) will open up great opportunities for the two sides to maximise their potential and support in cooperation, the acceleration of trade and investment, and the promotion of sustainable development.

Deputy Foreign Minister Bui Thanh Son made the statement during a seminar jointly held by the Ministry of Foreign Affairs (MOFA) and the Tien Giang Provincial People’s Committee on June 26 under the theme “International integration and sustainable development in the new situation – Implementing the EVFTA.”

In his remarks, Son briefed participants on Vietnam’s integration and sustainable development in the new situation, emphasising the importance and necessity of implementing the EVFTA, which, he said, includes extensive and comprehensive commitments covering the fields of the economy, trade, investment and sustainable development issues.

The EU is Vietnam’s fourth largest trade partner and its second largest export market. By the end of June 2019, two-way trade between Vietnam and the EU reached about US$27.4 billion, of which Vietnam exported US$20.5 billion and imported US$6.9 billion worth of products from the bloc. Regarding development cooperation, the EU is one of Vietnam’s major donors in grants, with the European Commission having committed EUR400 million for Vietnam during the period 2014-2020, focusing on the areas of sustainable energy and institutions.

General view of the seminar.

Director of the MOFA’s Multilateral Economic Cooperation Department, Nguyen Minh Hang, said that the COVID-19 outbreaks globally have affected international links as well as raised issues for Vietnam’s international economic integration in the new situation.

In the near future, she suggested focusing on promptly grasping trends and situations in the region and the world, integrating the implementation of international economic integration into local socio-economic development strategies, attracting investment and taking advantage of the chain shifting trend, as well as strengthening exchange and coordination between the Government, localities and businesses.

At the seminar, Vice President of the European Business Association in Vietnam Nguyen Hai Minh reported on the opportunities and challenges brought about by the implementation of the EVFTA and EVIPA.

Regarding the difficulties faced by Tien Giang province in international integration and the implementation of the EVFTA, Director of the Provincial Department of Foreign Affairs Luu Van Phi proposed that MOFA support Tien Giang in attracting investors from Japan, the Republic of Korea and the EU in the context of the changes in global supply chains, US-China competition and the National Assembly’s recent adoption of both the EVFTA and EVIPA.