EUVFTA a milestone in Vietnam - EU relations

The EU-Vietnam Free Trade Agreement (EUVFTA) has boosted trade between Vietnam and the EU and the EU-Vietnam Investment Protection Agreement (EUVIPA) is set to deepen the relationship, State Bank of Vietnam (SBV) Governor Nguyen Thi Hong told the “Meet Europe 2021” event on November 25.

Taking effect on August 1, 2020, the EUVFTA was an important milestone in Vietnam - EU relations. After a year of implementation, and despite the difficulties posed by Covid-19, two-way trade turnover grew nearly 20 per cent year-on-year.

While trying to overcome the pandemic and its impact, the Vietnamese Government is also creating favorable conditions for the European Chamber of Commerce in Vietnam (EuroCham) and its members to invest in sectors that Vietnam has prioritized.

In the context of the global economic outlook still bearing potential risks, the “Meet Europe 2021” event, entitled “EU - Vietnam Partnership Post-Covid and 2021 Whitebook Launch”, is an opportunity for the parties to express their creativity and capacity to adapt and cooperate for development.

It is also a good opportunity for central policy-making agencies and localities in Vietnam, representatives from European countries, and the business communities on both sides to exchange ideas and new steps in overcoming the difficulties and effectively exploiting all potential and opportunities towards common goals. Specific recommendations to the Vietnamese Government contained in the Whitebook will be useful reference points for the country’s ministries and sectors.

The SBV Governor added that Eurocham and members investing and doing business in Vietnam will continue to create spillover effects, implement cooperative commitments, maintain supply chains, promote the digital economy, and actively contribute to sustainable development in Vietnam.