Illustrative image (Source: VNA)Sydney (VNA) - The EU-Vietnam Free Trade Agreement (EVFTA) and the EU-VietnamInvestment Protection Agreement (EVIPA), which are set to be signed in Hanoi onJune 30, will help to improve Vietnam’s position in the global economy, anexpert from the Australian National University (ANU) has said.
According to Chu Hoang Long, a senior lecturer in the Crawford School of PublicPolicy at the Australian National University (ANU), the trade and investmentdeals are the most comprehensive agreements concluded between the EU and a middle-incomecountry.
Bysigning the agreements with the EU, Vietnam is on par with its major partnersof the EU in Asia such as Japan and the Republic of Korea.
TheEU highly valued the signing of the two agreements, considering it an importantstep to reach a deal with ASEAN in the future, Long said, adding that the EUhad signed a trade pact with Singapore in ASEAN.
Under the agreements, EU exporters and investors will get preferentialtreatment in Vietnam as those from countries participating in Comprehensive andProgressive Agreement for Trans-Pacific Partnership (CPTPP), which Vietnam joined, do.
The signing of the agreements shows that Vietnam is committed to implementing theworld’s high standards in trade and investment activities, manpower use, the environment,and sustainable development, Long stressed.
Implementing these commitments will help Vietnam build the image of a dynamicand civilized nation with respect for law and common values, he noted.
The agreements will help increase the competitiveness of Vietnamese goods inthe EU market - the second largest importer of Vietnam in 2018; and promoteVietnam’s deeper integration into the global economy, thus taking advantage ofEU technology and innovation to diversify its economy and improve itscompetitiveness.
However, Long pointed out challenges facing Vietnam, saying that domestic producerswill have to compete with products imported from the EU, and Vietnam needs tomake legal changes to implement its commitments related to services, intellectualproperty, origin of goods, the rights of labourers and environmental protection.-VNA
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