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EVFTA serves as a leverage for Vietnamese, EU firms: Forum

Vietnam has become the largest commodity trade partner of the European Union (EU) in ASEAN just one year after the EU-Vietnam Free Trade Agreement (EVFTA) took effect, Deputy Minister of Industry and Trade Dang Hoang An said on October 27.
EVFTA serves as a leverage for Vietnamese, EU firms: Forum ảnh 1An automobile production line (Illustrative photo: VNA)

Hanoi (VNA) – Vietnam has become the largest commodity trade partner ofthe European Union (EU) in ASEAN just one year after the EU-Vietnam Free TradeAgreement (EVFTA) took effect, Deputy Minister of Industry and Trade Dang HoangAn said on October 27.

Hemade the remark during the Vietnam-EU Trade Forum titled "EVFTA – Leverage forTrade and Investment Cooperation in the New Normal’ jointly held by theMinistry of Industry and Trade (MoIT) and the European Chamber of Commerce (EuroCham) inHanoi.

The two sides can be optimistic about a strong surge in the Vietnam-EU trade and investmentcooperation development in the new normal, An affirmed.

EVFTA serves as a leverage for Vietnamese, EU firms: Forum ảnh 2Deputy Minister of Industry and Trade Dang Hoang An (Photo: VNA)

He said that the MoIT and trade offices of Vietnam in the EU will stand side by side with businesses of the two sides to maximiseopportunities offered by the EVFTA, thereby creating favourable conditions tofoster trade and investment and address difficulties.

Businesses are urged to take the initiative in innovating themselves, raisingcapacity and adjusting business strategies to quickly adapt to the new situation.

Witha strong commitment to ensuring transparency, openness and favourable conditions inthe trade and investment environment, Vietnam has gained access to high-quality investment sourcesfrom the EU with projects using advanced technologies.

In particular, as traditional trade methods are hindered by the COVID-19 pandemic, e-commerce hasbecome a bright spot, becoming one of the prioritised fields in thepost-pandemic economic recovery strategy.

Manydomestic and foreign experts voiced their optimism about prospects for economicrecovery and growth of EU-Vietnam trade and investment relations in the new normal. They also pointed out challenges in the coming time.

Vietnam was advised to build scenarios suitable for adapting to the new situation in aflexible and effective manner and seize all possible resources for economicrecovery and growth, as well as address bottlenecks for businesses.

EVFTA serves as a leverage for Vietnamese, EU firms: Forum ảnh 3Ambassador Giorgio Aliberti, Head of the EU Delegation to Vietnam (Photo: VNA)
Ambassador Giorgio Aliberti, Head of the EU Delegation to Vietnam, said the EVFTA is projected to bolsterthe export of Vietnamese fruits and farm produce to the EU. However, firms have beenfacing obstacles in entering the EU market due to complicated procedures.

EuroChamChairman Alain Cany stressed that the two sides need to closely cooperate with each other inresolving current issues, saying that with various advantages, Vietnam haschances in attracting new foreign investment inflows from European investors whoare seeking a stable, safe, prosperous and competitive destination./.

VNA
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