Vietnam - EU Trade Forum opens in Ho Chi Minh City

08:56 | 31/07/2019 MUTRAP Corner

The Vietnam – EU Trade Forum in 2019 with the theme “EVFTA: New horizon for extensive and comprehensive cooperation" opened in Ho Chi Minh City on July 30.

At the forum

The event, jointly organised by the Ministry of Industry and Trade (MIT), the European Chamber of Commerce in Vietnam (EuroCham) and relevant parties attracted over 300 delegates from enterprises, associations, representatives of some ministries, sectors and southern provinces and cities.

At the forum, delegates affirmed that the EU is Vietnam's second largest export partner. Items such as textiles, footwear, mobile phones, computers, and agricultural products are considered as strong export products of Vietnam to EU countries.

The signing of the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Promotion Agreement (EVIPA) has opened up a new horizon for a larger and more comprehensive cooperation and stronger partnership between Vietnam and the EU.

With the EVFTA and EVIPA, EU investors will also have the opportunity to access the markets of countries which have signed trade agreements with Vietnam with more preferential treatment. The agreement is also expected to boost the relationship between the EU and ASEAN so that a trade agreement between the two blocs could be discussed in the future.

The forum is expected to create an opportunity for Vietnamese exporters to meet and exchange useful information on the EU market to facilitate trade activities, as well as build long-term strategies in regards toaccessing the market and taking advantage of export opportunities to the EU market.

According to statistics from the MIT, in the past 18 years, two-way trade between Vietnam and EU has increased more than 13 times, from about US$4.1 billion in 2000 to US$55.84 billion in 2018. Vietnam's exports to the EU hit nearly US$41.9 billion while imports from the EU reached over US$13.9 billion.