Workshop discusses EVFTA’s impact on financial, telecom sectors

(VOVWORLD) - The European Union (EU) – Vietnam Free Trade Agreement (EVFTA) is set to have considerable impact on the future of the financial and telecom sectors of Vietnam, heard a workshop in Hanoi on Wednesday.
Workshop discusses EVFTA’s impact on financial, telecom sectors - ảnh 1Nguyen Thi Thu Trang, Director of the VCCI’s Centre for WTO and Economic Integration, addresses the workshop in Hanoi on October 23 (Photo: VNA) 

Vice Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Hoang Quang Phong said the EVFTA includes many notable commitments regarding financial services like banking, insurance and securities, and telecom services, which are sensitive to national financial stability and information security.

“EU countries have strength in finance and telecommunications. They have set high managerial and operational criteria for these fields. Vietnam’s commitments to open the financial and telecommunications markets for the EU under the EVFTA and the impacts of other FTAs will have significant influence on the national economy,” Mr. Phong said.

Experts recommended Vietnamese businesses to enhance technological application to improve their services and products to meet international standards.