09:52 | 05/08/2015 Trade
Vietnam and the Delegation of the European Union (EU) on August 4 unveiled an agreement on the EU-Vietnam Free Trade Agreement (EVFTA) negotiations.
The ceremony is to announce the final agreement, and will be attended by Minister of Industry and Trade Vu Huy Hoang and Ambassador - Head of the EU Delegation, Franz Jessen.
EVFTA negotiations began in June 2012 with 13 official negotiation rounds so far. Covering topics, including the opening of markets, investments, competitiveness, and sustainable development, the EVFTA is forecast to make a major impact on the national economy once it is signed.
The EU includes 25 nations and is currently Vietnam’s second largest trade partner. Last year’s total trade between Vietnam and the EU surged 9% to over US$36.8 billion from a year earlier.
The EU is also a large investor in Vietnam, with 2,030 valid projects capitalized at over US$36 billion focussing on such specific areas as industry, construction and service.
Since the beginning of the year, Vietnam has finalized negotiations of a number of FTAs, including a FTA between Vietnam and the Eurasia Economic Union (EAEU), the Vietnam – Republic of Korea FTA (VKFTA), and now the EVFTA. The Trans-Pacific Partnership (TPP) negotiaitons are also approaching the final phase./.