Illustrative image (Photo: Internet)Hanoi (VNA) – Enterprises should participatein the legislation process of Vietnam’s commitments to the EU-Vietnam Free Trade Agreement (EVFTA) in order to make the most of it, arepresentative from the Vietnam Chamber of Commerce and Industry (VCCI) hassaid.
According to Phung Thi Lan Phuong, the VCCI will besharing information related to the EVFTA with businesses, while conveying recommendationsit receives back to relevant State agencies about amendments to policies andlaws being drawn up to implement the trade pact.
Phuong added that enterprises, business associations and investors are hopingto fully tap the benefits of the EVFTA – one of the most important new-generationFTAs ever signed – to promote export growth and institutional improvements inVietnam.
As the largest organisation representing the Vietnamese business community, theVCCI is ready to support businesses in all issues related to FTAs, including theEVFTA.
The EVFTA and the EU-Vietnam Investment ProtectionAgreement (EVIPA) were ratified by the EuropeanParliament (EP) onFebruary 12. The agreements are expected to take effect in the middle of thisyear.
According to research by theMinistry of Planning and Investment, the deals will help Vietnam increase itsGDP by 4.6 percent and its exports to the EU by 42.7 percent by 2025.Meanwhile, the European Commission has projected the EU’s GDP will increase by29.5 billion USD and its exports to Vietnam by 29 percent by 2035.
The investment commitment will replace bilateral investment agreements betweenVietnam and EU members, helping the country continue reforming its economicstructure, fine tune the business environment and institutions, and facilitateEU investment in Vietnam./.
VNA
