The progress on and quality of negotiations for an EU-Vietnam free tradeagreement (EVFTA) have been ensured, making the target for theconclusion of the talks feasible, Minister of Industry and Trade Vu HuyHoang said following his working session with EU Commissioner for TradeCecilia Malmstrom in Brussels on June 23.
The twosides are coming close to completing the talks three years after thelaunch of negotiations and 13 official negotiation rounds and a numberof mid-term ones, the minister said.
The efforts ofVietnam ’s negotiation team have paid off, he said, adding thatthere are few remaining issues in the talks.
Theminister held that the EVFTA is a comprehensive, high-quality and newgeneration deal covering a large number of matters, including theopening of markets, services, investments, intellectual property,geographical indications and public procurement.
Once the agreement is signed and become effective, it is crucial topopularise it to the public, first of all the business community to makethem aware of both benefits and challenges generated by the deal, hesaid.
Besides communicating the agreement to thepublic, State management agencies should consult the business community,organisations and individuals on optimising the advantages of the dealand enacting measures to respond to its impacts, added the minister.
He also advised enterprises to stay active in increasing theircompetitiveness to make full use of the agreement not only in thedomestic market but also in the European market.
Opportunities brought about by the EVFTA are abundant, he asserted,noting that the EU is currently Vietnam ’s second largest tradepartner. Meanwhile, Vietnam is a gateway for EU enterprises to a 600million-strong ASEAN market with a GDP of 2.5 trillion USD, he said.
Once the agreement takes effect, Vietnam ’simport-export revenue is expected to rise by 4-6 percent compared tonormal, he held, adding that the two sides’ economies can supplementeach other as Vietnam needs machinery and equipment from the EU whilethe EU needs agricultural and processed products which are Vietnam ’sstrength.
Vietnam also welcomes EU investors in high technology and high added value projects, he added.-VNA
The twosides are coming close to completing the talks three years after thelaunch of negotiations and 13 official negotiation rounds and a numberof mid-term ones, the minister said.
The efforts ofVietnam ’s negotiation team have paid off, he said, adding thatthere are few remaining issues in the talks.
Theminister held that the EVFTA is a comprehensive, high-quality and newgeneration deal covering a large number of matters, including theopening of markets, services, investments, intellectual property,geographical indications and public procurement.
Once the agreement is signed and become effective, it is crucial topopularise it to the public, first of all the business community to makethem aware of both benefits and challenges generated by the deal, hesaid.
Besides communicating the agreement to thepublic, State management agencies should consult the business community,organisations and individuals on optimising the advantages of the dealand enacting measures to respond to its impacts, added the minister.
He also advised enterprises to stay active in increasing theircompetitiveness to make full use of the agreement not only in thedomestic market but also in the European market.
Opportunities brought about by the EVFTA are abundant, he asserted,noting that the EU is currently Vietnam ’s second largest tradepartner. Meanwhile, Vietnam is a gateway for EU enterprises to a 600million-strong ASEAN market with a GDP of 2.5 trillion USD, he said.
Once the agreement takes effect, Vietnam ’simport-export revenue is expected to rise by 4-6 percent compared tonormal, he held, adding that the two sides’ economies can supplementeach other as Vietnam needs machinery and equipment from the EU whilethe EU needs agricultural and processed products which are Vietnam ’sstrength.
Vietnam also welcomes EU investors in high technology and high added value projects, he added.-VNA
