08:12 | 21/05/2015 Trade
The EU-Vietnam Free Trade Agreement (EVFTA) will create ample opportunities for enterprises from both sides, heard a talk on the deal held in Flamand, Belgium on May 19.
Deputy Director General of the European Commission’s Directorate General for Trade Mauro Petriccione at the workshop (Photo: VNA)
Vietnam’s dynamic economy will open up great opportunities for foreign investors, especially enterprises from the EU, stated Deputy Director General of the European Commission’s Directorate General for Trade Mauro Petriccione, who is also Chief Negotiator for the EU.
He said that during negotiations, Vietnam and the Europe have reached agreements in wooden furniture, services, investments, tariffs, government purchasing, competitiveness and sustainable development.
For his part, Vietnamese Ambassador to Belgium and Head of the Vietnam Mission to the European Union Vuong Thua Phong said that the EVFTA will bring Vietnam and the EU a stable business climate while fuelling economic growth for both sides.
He underscored that the trade deal will help the EU balance its trade deficit with Vietnam, promoting trade through liberalisation and market approaches.
However, the Ambassador pointed to challenges faced by the Vietnamese economy such as low competitiveness compared to European businesses across capital, technology, experience and labour quality.
Vietnam is a trustworthy partner of the EU, Minister-President of the government of Flanders Geert Bourgeois told a Vietnam News Agency correspondent, expressing his hope that the EVFTA will be signed this summer.
On May 18, the Belgium-Vietnam Chamber of Commerce and Industry (CCIBV) also held a conference on Vietnam-EU trade relations.
The EU is one of the large import markets for Vietnamese commodities, particularly leather shoes, garments, farm produce and aquaculture.
In 2014, the EU became the biggest importer of Vietnamese leather shoes when over 2 billion USD worth of goods were shipped to European countries, followed by garments with 1.98 billion USD and aquatic products with 950 million USD.
After signing the trade deal, 90 percent of Vietnamese goods being exported to European markets will go enjoy tariff of zero percent.
Vietnam is the third ASEAN country to hold FTA negotiations with the EU after Singapore, Malaysia.