EVFTA, EVIPA open tremendous opportunities for Vietnam, EU businesses

(VOVWORLD) - The great opportunities for Vietnamese and EU businesses brought by the recently signed EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA) were discussed at a forum in Hanoi on Monday. 
EVFTA, EVIPA open tremendous opportunities for Vietnam, EU businesses - ảnh 1

The event was sponsored by the Ministry of Industry and Trade, the EU delegation to Vietnam, and the Vietnam Chamber of Commerce and Industry. 

Minister of Industry and Trade Tran Tuan Anh told the forum that the EVFTA will help Vietnam expand its market, improve its export value, and attract greater investment from Europe. Meanwhile, the EVIPA has recognized Vietnam’s growing position in the international arena and acknowledged Vietnam’s considerable contributions to liberalization and trade facilitation.

“Export products of Vietnam and Europe are hugely complementary. The European markets have great demand for clothing, footwear, and farm produce, for which Vietnam has developed value chains able to seize the opportunities presented by the two agreements to promote its products in Europe and other parts of the world,” said Minister Anh.

Once in effect, the EVFTA and EVIPA will help Vietnam improve its business climate significantly, thus attracting more European investment, especially in industry, and turning Vietnam into a transshipment area of EU trade and investment in the ASEAN region.

According to EU Trade Commissioner Cecilia Malmstrom, more efficient trade activities will attract greater investment and generate more jobs. The EU hopes for early consent from the European Parliament to put the agreements into force.

“There are so many others to be liberalized over time. Machinery, appliances, motorcycles, car parts, wine, and food would finally become a little bit cheaper in Vietnam. Each of these barriers torn down present new opportunities for business and saving for consumers on both sides. EU companies can provide high-quality good and services at competitive prices. We recognize that some products are made in special ways for special regions. And this alone will bring benefits to the Vietnamese and European societies. And yet our agreement goes further,” said Malmstrom.

A large inflow capital is among the greatest benefits Vietnam has enjoyed from the EVFTA, which has come in from Poland, Hungary, Spain, and Portugal.  

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