High-quality FTAs significantly benefit Vietnam’s economy
(VOVWORLD) - New generation and high-quality FTAs including the EU-Vietnam Free Trade Agreement (EVFTA) will have positive impacts on Vietnam’s economy as they help improve the country’s governance and legal system toward greater transparency and openness, according to Minister of Industry and Trade Tran Tuan Anh.
Minister of Industry and Trade Tran Tuan Anh (Photo: Van Diep/ VNA)
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Minister Anh told the 8th online ASEAN-EU Business Summit on Thursday that the EVFTA benefits both Vietnam and the EU. By promising to scrap duties on 99% of all goods traded between the two sides, the EVFTA is expected to open many new opportunities for Vietnamese and EU businesses, he said: “The FTAs between the EU and ASEAN member states are stepping stones to a region-to-region FTA. Singapore and Vietnam have ratified and implemented high quality FTAs with the EU. I’m pleased to see that in 3 months, the EVFTA has had a positive impact on Vietnam’s economy”.
Minister Anh said the EU and ASEAN need to promote more cooperative activities in economy and trade, focusing especially on urgent issues like connecting supply chains and non-tariff barriers. The EU was ASEAN’s second largest trade partner in the 2009-2018 period and its biggest investor, with foreign direct investment of 190 billion USD.