Seminar explores pathways to EU market

Speaking at the event, Vo Ta Luong, a representative from the Ministry of Industry and Trade said Vietnam and the EU have enhanced all-around cooperation in trade, investment, justice, peace protection, international security and climate change.

Both nations are expected to sign the EU-Vietnam Free Trade Agreement (EVFTA) in the coming time which will bring benefits but pose challenges to Vietnam’s key sectors, Luong  said.

Jean Claude Marcourt, Vice-President and Minister of Economy, Industry, Innovation and New Technologies of the Walloon Government in turn said that Belgium and the Wallonie region have always welcomed foreign investors.

With a lot of development potential, Belgium currently ranks sixth in Europe in attracting foreign investors thanks to advantages in geographical location, transport infrastructure and favourable business environment, Marcourt said.

Through the Belgian market, especially the Wallonie region, foreign investors have the ability to approach 65% of the European market. In addition, the Wallonie region has devised a number of mechanisms aimed at accelerating investment.

The EU has been Vietnam’s leading economic and trade partner over recent years with the two-way trade turnover averaging15-20% per year.

Belgium also has been an important partner of Vietnam in the EU with the two way trade volume reaching US$1.825 million last year, up 17%  over a year earlier.Vietnam’s key Belgian exports have been footwear, garments and textiles, seafood, coffee while Vietnamese imports have been pharmaceuticals,  gemstones and chemicals.

In October 2014 alone, Vietnam fetched US$1.489 million from exports while imports from the market tallied in at US$433 million..