EC Vice President highlights Vietnam as an example model of trade co-operation

Valdis Dombrovskis, European Commission Executive Vice-President (EVP) and European Commissioner for Trade, made this statement at a meeting on June 6 held with the ASEAN Brussels Committee (ABC). Also in attendance was Vu Thu Thuy, deputy ambassador of Vietnam in Belgium, who represented the Vietnamese Delegation.

Since the EVFTA took effect, although the international and regional context has fluctuated due to conflicts, epidemics, and supply chain disruptions, two-way trade between the nation and the bloc has continued to thrive with an impressive growth rate of more than 30% year.

Thuy therefore suggested that both sides continue to closely co-ordinate, effectively implement existing agreements, and expand ties to other promising fields such as the circular economy, green energy, smart agriculture, and digital economy.

She went on to express her wish that the EU would strive to further increase high-quality investment in the Vietnamese market, whilst simultaneously supporting the nation in transferring modern technology whilst improving capacity moving forward.

Addressing ASEAN-EU relations and new EU policies, the Vietnamese diplomat emphasised that as an active member of ASEAN and having signed several FTAs and other important agreements with the EU, the Vietnamese side stands ready to boost co-operation, share experience, and work towards the common goal of the whole bloc. In addition, the nation is fully committed to promptly seizing opportunities and leveraging the great potential for future collaboration between ASEAN and the EU.

Thuy proposed that the EU and ASEAN further capitalise on existing co-operation channels, frameworks, and forums to hold frank exchange and promote effective linkages. This should be done whilst dealing with difficulties and challenges on the basis of taking into account characteristics and development level of each party, in line with the spirit of co-operation for the cause of mutual benefit.

In response, Dombrovski stated that the EU would further increase investment in Vietnam, focusing on crucial areas such as just energy transition and sustainable development.

He highlighted that ASEAN is an important partner of the EU as it is the bloc’s third largest trading partner, whilst the EU is also ASEAN's third largest trading partner.

Recognising the similarities in interests and policies reflected in the EU's Indo-Pacific strategy and the ASEAN Outlook on Indo-Pacific (AOIP), the two blocs still have huge potential and advantages to expand ties, especially in the fields of economy, trade, and investment.

Looking ahead, the EC Vice President proposed that the two sides continue to effectively and fully implement the existing FTAs between the EU and the two ASEAN member states, including Singapore and Vietnam.