EU-Vietnam FTA to become effective in 2018
VOV.VN - The European Union (EU) and Vietnam will review legal documents towards the signing and application of their bilateral free trade agreement (EVFTA) in 2018, said Minister of Industry and Trade Vu Huy Hoang.
The Minister made the statement at a March 2 ceremony to publish the White Book on trade and investment in Vietnam in 2016- the event hosted by the European Chamber of Commerce (EuroCharm) and the Vietnam Chamber of Commerce and Industry (VCCI).
Ambassador and Head of the EU delegation to Vietnam Bruno Angelet said the EVFTA will activate a new wave of better-quality investment from the EU into Vietnam, which, he said, must be supported by Vietnamese private businesses to boost the country’s deep integration.
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EuroCharm Chairwoman Nicola Connolly said the attractiveness of Vietnam to foreign investors is undeniable as the Southeast Asian country is incessantly improving its business climate.
However, more reforms are needed to maintain the country’s development, she added.
Two-way trade increased tenfold from US$4.1 billion in 2000 to US$41.4 billion in 2015, making the EU one of the top trade partners of Vietnam.
The EU is also a big foreign direct investor in Vietnam with 2,162 valid projects worth US$38.4 billion, Hoang said, noting that the mutual support in Vietnam-EU trade and investment ties will help further bilateral cooperation after the signing of the EVFTA, Hoang said.
EU representatives suggested Vietnam should develop human resources through vocational training as well as increasing productivity and capital distribution.
