Hanoi (VNA) – The free trade agreement between Vietnam and the Europe Union (EVFTA), once ratified, will open up more cooperation opportunities for both sides as their economies supplement each other, stated Vietnamese Ambassador to Belgium and Luxembourg Vuong Thua Phong.

In an interview with the Vietnam News Agency on the sidelines of the 29th Diplomatic Conference in Hanoi from August 22-26, Phong said that the EU is a big market with advantages of high technology and capital.

Meanwhile, with the population of 90 million, Vietnam is a newly-emerging market with dynamic growth and an abundant workforce, which is attracting much attention from other countries.

Vietnam is located in Asia-Pacific – a region with an important geographical and geo-economic position, where the EU is focusing on seeking cooperative partners, the diplomat stated.

The stability of the country is also a factor appreciated by the EU, he added.

Once it becomes effective, the agreement will bring huge economic benefits for Vietnam, he affirmed.

However, the ratification process is quite complicated for both sides, as this is a new-generation agreement with numerous new binding issues for Vietnam, such as labour, environmental protection and intellectual property.

The EVFTA was officially signed on December 2, 2015, after over three years of negotiation.

The EU is one of the top trade partners of Vietnam, with two-way trade increasing from 17.75 billion USD in 2010 to 41.4 billion USD in 2015.-VNA