European firms support EU-Vietnam FTA signing

European businesses expressed their support for the signing and ratification of a free trade agreement between the European Union (EU) and Vietnam (EVFTA) at a conference on October 8.

european firms support eu-vietnam fta signing hinh 0
Participants at the event
Addressing the event in Brussels, Belgium, Chairman of the European Chamber of Commerce in Vietnam (EuroCham) Nicolas Audier noted the investment and business environment in Vietnam has improved.

He said the FTA will benefit European firms in many areas, including pharmaceuticals.

Audier noted 80 percent of EuroCham member enterprises feel optimistic about the business outlook in Vietnam and hope that the EVFTA will be signed and approved soon.

Vietnamese Ambassador to Belgium and head of the Vietnamese Mission to the EU Vu Anh Quang said Vietnam is a promising market with rapid and stable economic growth.

Over the years, Vietnam has shared many initiatives of the EU in promoting global cooperation and collaboration with the bloc in trade liberalisation, climate change response and sustainable growth.

The diplomat stressed the EVFTA is a tool to strengthen the multi-faceted partnership between the EU and Vietnam, bringing benefits to enterprises and people of both sides.

Thomas Debelic, Chairman of the German Business Association, said European investors in Vietnam will enjoy better assurances thanks to the Investment Protection Agreement (IPA), which has been separated from the EVFTA.

He said that the more than 120,000-strong Vietnamese community in Germany is a great strength of bilateral relations.

At the event, speakers from European businesses operating in Vietnam discussed the impacts of the EVFTA on the reforms of Vietnam. They asserted opportunities for business cooperation are increasing, especially trading activities between Vietnam and the EU due to the diversity and supplementary strengths of both sides. Consumers of the two sides will also benefit from the process, they added.

They noted Vietnam is improving its illegal and unreported fishing situation in line with the European Commission’s recommendations.

Mariam Garcia Ferre from the EU Delegation to Vietnam said the EU has supported Vietnam, through independent consultation experts, in building action plans and programmes to become ready to implement commitments stated in the deal.

Meanwhile, Filip Deraedt, who represents the EC, said that the EVFTA and IPA have been translated into languages of EU countries and Vietnamese to be submitted to the EC and the Vietnamese Government before the ratification process is undertaken in the European Parliament and Vietnam’s National Assembly.

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