EU, Vietnam boost trade relations

14:22 | 02/05/2016 MUTRAP Corner

European parliament members, experts and business representatives gathered in Brussels on April 27 to discuss ways to boost EU-Vietnam trade relations.

eu vietnam boost trade relations
At the conference (Source: VNA)

Ambassador Vuong Thua Phong, Head of the Vietnam Delegation to the EU, and Trade Counselor at the Vietnamese Embassy in Belgium Nguyen Canh Tuong also attended the event.

Participants focused on the opportunities that the EU-Vietnam Free Trade Agreement (EVFTA) created.

Vietnam’s Honorary Consul to Belgium Baron de Grand Ry said that Europe will boost its exports of industrial products, particularly pharmaceuticals and chemicals to Vietnam.

Vietnam can also ship its agricultural and aquatic products to the continent, he added.

Professor David Camroux from Paris Politics University said the event helps the two sides fulfill their commitments, adding the EVFTA will contribute to consolidating economic and trade relations between Vietnam and the EU.

He also stressed the need for Vietnam to restructure its economy, enhance environmental standards and the rights of labourers.

Vietnam and the EU concluded 2.5-years of negotiations on their FTA in Brussels in August last year.

The agreement is expected to increase Vietnam’s exports to the EU by 4 percent, and EU’s export to Vietnam by more than 3 percent each year.

The EU is one of the top trade partners of Vietnam, with two-way trade increasing from 17.75 billion USD in 2010 to 41.4 billion USD in 2015./.

Theo VNA