Vietnam to accelerate FTA negotiations with EFTA
(VOV) - Vietnam and the European Free Trade Association (EFTA) should speed up their negotiations of a free trade agreement (FTA) to make the most of trade liberalisation and increase trade ties.
Vietnamese Minister of Industry and Trade Vu Huy Hoang made the proposal at a working session with Johann N. Schneider-Ammann, Head of the Federal Department of Economic Affairs, Education and Research of Switzerland in Hanoi on October 24.
He proposed Switzerland, an EFTA member, support Vietnam-EFTA negotiations, taking into account the development levels of concerned parties to adopt an effective, practical approach to negotiations.
Johann N. Schneider-Ammann, who is visiting Hanoi from October 24-26, assured Hoang the Swiss government supports Vietnam in FTA negotiations with the EFTA.
This agreement will create a complete legal framework for improving the business environment and increasing trade ties between the two countries, he said.
Vietnam and the EFTA (comprising Iceland, Liechtenstein, Norway, and Switzerland) are conducting negotiations of a free trade agreement. The sixth round of negotiations is due to take place in Geneva in November.
As of September 2013 Switzerland had 93 valid projects in Vietnam with a total registered capitalisation of US$2 billion, ranking it 18th among foreign investors in the country.
During his current Vietnam visit, Johann N. Schneider-Ammann is being accompanied by representatives of 17 leading Swiss businesses specialising in pharmaceuticals, banking, insurance, machinery, energy, watch manufacturing, air and rail services, and consultancy in construction and industries.