EVFTA to create huge motivation for Vietnam and EU: EuroCham Whitebook 2018

The EU-Vietnam Free Trade Agreement (EVFTA), which is expected to be signed in 2018, will boost bilateral trade and investment thanks to tariff cuts and strong commitments from both sides.

Vietnamese Deputy Prime Minister Vuong Dinh Hue (fourth from left) and delegates at the launch (Photo: VNA)
Vietnamese Deputy Prime Minister Vuong Dinh Hue (fourth from left) and delegates at the launch (Photo: VNA)

The affirmation was made by Gellert Horvath, Co-Chairman of the European Chamber of Commerce in Vietnam (EuroCham) at the launch of the EuroCham Whitebook on trade and investment issues and recommendations.

He stressed that the agreement will not only bring about more opportunities for Vietnam’s sectors to develop but will also help to improve the country’s investment environment and raise the quality of its export products.

He also reaffirmed the EU’s commitments to supporting Vietnam in the country’s modernisation and integration into the world economy.

Vietnamese Deputy Prime Minister Vuong Dinh Hue spoke of his appreciation for the contributions made by the European business community in boosting trade and investment activities in Vietnam over recent years.

As two-way trade grew impressively to US$50 billion in 2017, from less than US$4 million in 2000, Vietnam and EU need a new and more comprehensive agreement to fully unlock the potential cooperation between the two sides, he said.

The signing, ratification, and implementation of the deal will also send a message to the world about Vietnam and the EU’s joint determination to create and maintain an open environment for trade and investment, he added.

According to the Whitebook 2018, its 10th edition, Vietnam is an attractive destination for foreign direct investment. The publication also made positive forecasts for the time after the EVFTA is approved and implemented, as it will create tremendous momentum for both Vietnam and the EU.

Accordingly, the EVFTA will promote Vietnam's growth and development across all areas and sectors, improve the legal framework, business environment, reduce tariffs, and boost exports to the EU. The trade deal will not only benefit the business community but also make a positive impact on social welfare, wages, and living standards for the people.