European media spotlights Vietnam’s role in EU-ASEAN partnership

Hanoi (VNA) – Italian and Belgian news websites La Città Futura and Brussels Times have run stories highlighting the important role of Vietnam as a bridge for the strategic partnership between European Union (EU) and the Association of Southeast Asian Nations (ASEAN).

The stories come on the occasion of Prime Minister Pham Minh Chinh’s participation in the ASEAN-EU Summit commemorating the 45th anniversary of their relations.

According to the articles posted on Italian news website La Città Futura, the ASEAN-EU Summit was the first high-level event between the two blocks, held in Brussels on December 14.

Established in 1977, the ASEAN-EU cooperation has grown steadily in both width and depth, and became a strategic partnership in 2020. With the approval of the Indo-Pacific Strategy announced in 2021, the EU has officially recognised the central role of ASEAN in the region. In terms of economy and trade, in 2021, the EU was ASEAN's third largest partner and second largest supplier of FDI among the grouping’s dialogue partners, it said.

According to the article, with the recent significant progress in bilateral cooperation with the EU in key sectors, Vietnam is becoming an important and effective bridge, contributing to the strengthening of joint cooperation mechanisms between ASEAN and the EU. In particular, the signing of the EU-Vietnam Free Trade Agreement (EVFTA) and its coming into force on August 2020 has created a strong impetus for economic exchanges and trade between the two sides. It is also considered a model for the EU to continue expanding its engagement across the entire ASEAN region, it held.

The article underlined that despite being affected by the COVID-19 pandemic, the trade turnover between Vietnam and the EU has grown impressively in recent years. Specifically, two-way trade in the first eight months of 2022 reached 42.4 billion USD, an increase of 14.85% compared to the same period of 2021. Vietnam's export structure to the EU tends to expand and diversify.

In terms of investment, the EU is currently the fifth largest foreign investor in Vietnam, with a total registered capital of 27.6 billion USD. In the first eight months of 2022 alone, the EU's total registered investment capital in Vietnam reached 2.2 billion USD, an increase of 69.6% compared to the same period in 2021.

Along with enhancing economic exchange and trade, cooperation and experience sharing in climate change response is also a key cooperation area. Both Vietnam and the EU are interested in and promoting cooperation in these areas. A developing country, yet Vietnam has continued to give a high priority to successfully implement the commitments announced at the 26th UN Climate Change Conference (COP26) and achieve the net-zero emission goal in 2050, it noted.

Along with that, Vietnam and the EU are actively implementing cooperation initiatives on green and sustainable energy. In particular, with the coordination of the UN and the EU, Vietnam has established the Just Energy Transformation Partnership (JETP) with the group of the most industrialised countries in the world (G7). The Vietnamese side has contributed politically and technically to the implementation of this initiative, said the article.

According to Brussels Times, in its relations with the ASEAN, the EU has demonstrated its role as a reliable development partner, striving towards the ambitious goal of contributing to peace, stability, and prosperity of the two regions and globally. In this process, Vietnam has emerged as a strong partner in addressing emerging global and regional challenges.

While many countries face difficulties and potential recession risks, Vietnam's economic growth continues to recover positively.

With its business and investment environment continuously improving, the country is increasingly gaining stronger trust amongst foreign investors and in the international financial markets, it said.

The article highlighted that the Vietnamese government has particularly advocated improving the quality and efficiency of foreign direct investment (FDI) capital to the country. Vietnam accomplishes this by prioritising environment-friendly projects with advanced technology. This opens up new cooperation opportunities for both EU and Vietnam enterprises, it said, adding that with many similarities in political wills and strategic interests, Vietnam and EU member states have the potential to promote stronger and more effective cooperation./.