HCM City, EU forge cooperation as EVFTA takes effect

Chairman of the People’s Committee of HCM City Nguyen Thanh Phong on October 29 hosted a reception for a delegation of ambassadors from European Union (EU) member countries. (Photo: sggp.org.vn)

HCM City (VNA) – Chairman of the People’s Committee of HCM City Nguyen Thanh Phong on October 29 hosted a reception for a delegation of ambassadors from European Union (EU) member countries. 
 
 During the meeting, the two sides agreed to step up cooperation in the context of the EU-Vietnam Free Trade Agreement (EVFTA) coming into force. 
 
 Phong said the visit to HCM City by the ambassadors has reflected the EU member countries’ interest in the local business environment as well as their confidence in the southern economic hub’s development potential. 
 
 The EVFTA will bring about benefits and huge opportunities to enhance economic cooperation and connectivity between Vietnam and the Europe, he said. 
 
 It is expected to facilitate Vietnam’s export to the European market, while enabling European firms to benefit from the Vietnamese market with a population of 100 million, the official went on. 
 
 Phong called on the ambassadors to work as a bridge to help HCM City businesses access the European market and diversify products.
 
 HCM City stands ready to support European firms to invest in the southern metropolis, especially in the areas of the Europe’s strength and the city’s demand, the official pledged. 
 
 Ambassador Giorgio Aliberti, head of the EU mission to Vietnam, lauded HCM City’s appeal, and shared Phong’s view that the EVFTA is a crucial foundation for trade and investment ties between the EU and Vietnam as well as HCM City. 
 
 According to the ambassador, textiles-garment, fisheries and agricultural products play an important role in advancing the bilateral trade ties. 
 
 The EVFTA not only brings about benefits in trade, but also promotes investment links between the two sides, while helping Vietnam raise its position in the global value chain, he added. 
 
 He suggested Vietnam and HCM City in particular create a more attractive, effective and transparent investment environment in order to optimise golden opportunities in luring high-quality investments from the Europe. 
 
 Statistics unveil that last year, HCM City’s export to the Europe hit 5 billion USD. In the first nine months of this year, the revenue stood at 3.2 billion USD, up 0.9 percent year-on-year. 
 
 Meanwhile, the city imported 3.6 billion USD worth of goods from the market in 2019. The figure dropped by 30 percent to 1.3 billion USD in the nine-month period./.