Illustrative image (Source: VNA)

Hanoi (VNA) - The EU - Vietnam Partnership and Cooperation Agreement (PCA) officially became effective on October 1 after being passed by parliaments of all EU member countries, according to Vietnam’s trade office in Belgium and the EU.

According to the European Council’s announcement dated September 29 sent to Vietnam’s permanent delegation to the EU in Brussels, all internal legal procedures among institutions of the EU relating to the agreement were competed.

The PCA, which was signed in Brussels on June 27, 2012, will serve as a basis for cooperation agreements between the EU and Vietnam, including the EU-Vietnam Free Trade Agreement.

Since Vietnam launched its renewal process, the EU has gradually become one of the country’s leading economic partners and the bilateral relations have developing intensively and extensively.

According to the Ministry of Industry and Trade, Vietnam’s export to the EU reached nearly 30 billion EUR last year. As of December 31, 2015, EU member countries had 1,700 projects in Vietnam with a combined investment capital of 21.48 billion USD.-VNA