PM Nguyen Xuan Phuc speaks at the video conference. (Photo: VNA)Hanoi (VNA) - Prime Minister Nguyen Xuan Phuc chaired a videoconference on August 6 regarding the implementation of the EU-Vietnam FreeTrade Agreement (EVFTA), during which he described the deal as a broad andmodern expressway bringing the EU and Vietnam closer together.
He emphasised thatVietnam has signed 13 free trade agreements (FTAs) but one of the country’s greatestshortcomings is that local businesses have limited awareness about these dealsand have failed to take advantage of the opportunities they present.
Many bodies havebeen slow in preparing relevant legal documents, while overlaps in enforcementguidance are hampering businesses, he noted.
He highlighted theimportance of communications on international economic integration in generaland FTAs in particular, as well as improvements in human resources.
Noting that therequirement on sustainable development is an important part of the EVFTA, thePM said there are higher standards on increasing economic efficiency andstricter requirements on social responsibility, labour, employment, andenvironmental protection.
He also recalledthe technical assistance offered to Vietnam by President of the European CommissionUrsula von der Leyen during their phone call on July 29, saying that this representsvaluable support for the country.
The VietnameseGovernment has adopted a plan of action with five groups of missions and 41specific tasks for ministries, sectors, localities and the business community,he said, requiring proactive implementation by all concerned parties.
According to asurvey conducted by the Ministry of Planning and Investment, in normalcircumstances the agreement can help Vietnam’s GDP increase by 3.2 percent inthe first five years, by 5.3 percent in the next five years, and by up to 7.72percent in the subsequent five-year period.
With the EU’scommitment to remove nearly 100 percent of import tariffs, the EVFTA isexpected to help Vietnam’s export turnover to the bloc rise 42 percent by 2025and nearly 45 percent by 2030.
The agreement wassigned by both sides on June 30, 2019, and officially came into effect onAugust 1, 2020./.
VNA
