Vietnam forges ahead with free trade agreement with EU

Vietnam has been actively preparing for the ratification and enforcement of the free trade agreement with the European Union (EU), Deputy Prime Minister Vuong Dinh Hue told Ambassador Bruno Angelet, Head of the EU Delegation to Vietnam, at a reception in Hanoi on November 30.

vietnam forges ahead with free trade agreement with eu hinh 0

The Deputy PM expressed his pleasure at the positive development in the bilateral cooperation in recent years, citing the Framework Agreement on Comprehensive Partnership and Cooperation (PCA) between Vietnam and the EU came into force on October 1, 2016, and the two sides are looking towards to the signing of the EU-Vietnam Free Trade Agreement (EVFTA).

He said the Vietnamese Government is pushing ahead with economic reshuffle and growth model reform along with increasing productivity and competitiveness, restructuring budget collection and spending and public debts, improving the business climate, and supporting the startup ecosystem.

Vietnam is revising and fine-tuning its legal system in line with development process and international commitments, he said, adding that he hopes the Ambassador will act as a bridge to help Vietnam push the signing, ratification and enforcement of the trade pact for mutual benefits.

He called on the EU to boost investment in Vietnam and soon recognise its full market economy status.

Ambassador Bruno Angelet said 2017 will be an eventful year for Vietnam and the EU, offering good chances for them to boost cooperation.

The EU has a big ambition to implement the EVFTA as it is the first free trade pact that the union signed with a middle-income Asian country, he added, noting that Vietnam is leading Southeast Asia in export to the EU, while the union is the third biggest investor in Vietnam. 

With the EVFTA, the EU will approve Vietnam’s proposal on the provision of technical assistance, he said, adding that 50 EU experts are willing to support Vietnam in this field.

The union will spare no efforts to help Vietnam enforce this agreement, he affirmed.

VNA

Related news