EVFTA boosts opportunities for strategic cooperation towards sustainable development

Saturday, 2020-08-01 12:10:51
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At the forum entitled “EVFTA – Opportunities for Strategic Cooperation towards Sustainable Development” in Ho Chi Minh City. (Photo: thanhuytphcm.vn)
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NDO – The Ministry of Industry and Trade held an online forum on trade and industrial cooperation with the EU entitled “EVFTA – Opportunities for Strategic Cooperation towards Sustainable Development” in Ho Chi Minh City on July 31.

The online forum also attracted the online participation of representatives from State management agencies, Trade Counselors of Vietnam to the EU, the EU Delegation to Vietnam, diplomats of EU member nations as well as Vietnamese and EU enterprises.

Through the event, delegates had the opportunity to exchange comprehensive information and insights about the situation and prospects of economic and trade cooperation between Vietnam and the EU after the EU-Vietnam Free Trade Agreement (EVFTA) takes effect on August 1.

Delegates also updated market fluctuations and specific regulations, policies and trade practices to make practical and specific forecasts and recommendations.

According to Deputy Minister of Industry and Trade Hoang Quoc Vuong, the implementation of the EVFTA amid the unpredictable coronavirus pandemic and complicated market fluctuations is expected to bring about great opportunities while creating a new motivation to revive exports and fuel the economy towards sustainable development in the future.

Vuong noted that the economic and trade relations between Vietnam and the EU have been continuously expanding, with two-way trade revenue having increased 13 times from US$4.1 billion in 2000 to US$56.4 billion in 2019.

Vice Chairman at European Chamber of Commerce in Vietnam (EuroCham) Jean Jacques Bouflet said that EVFTA demonstrates the belief and expectation of the EU in promoting comprehensive trade and investment cooperation with Vietnam. Accordingly, EU businesses have the opportunity to access one of the most dynamic consumer markets in ASEAN and Asia while competing fairly with goods from countries and regions that have FTAs with Vietnam, such as Japan and the Republic of Korea.

He added that the EVFTA not only brings about immediate benefits in terms of tariffs but the deal is also an opportunity for EU enterprises to spread the message of prioritising sustainable development through improvements to the working environment, renewable energy development, the quality of human resources and science and technology transfer.