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Vietnam a gateway to ASEAN for EU: Italian news site

An Italian news site ran an article on the Vietnamese National Assembly’s recent ratification of the EU – Vietnam Free Trade Agreement (EVFTA) and Investment Protection Agreement (EVIPA), after the European Parliament ratified the two documents in February.
Vietnam a gateway to ASEAN for EU: Italian news site ảnh 1Vietnamese lawmakers pass the resolutions ratifying the EVIPA (Photo: VNA)

Rome (VNA) – An Italian news site ran an article onthe Vietnamese National Assembly’s recent ratification of the EU – Vietnam FreeTrade Agreement (EVFTA) and Investment Protection Agreement (EVIPA), after theEuropean Parliament ratified the two documents in February.

The www.affaritaliani.it site noted that for Vietnam, theagreements will open create important opportunity to access the European market,which already is the second export market of the Southeast Asian nation.

Data of the Ministry of Planning and Investment shows thatVietnam’s export turnovers to the EU will increase by about 20 percent thisyear, 42.7 percent in 2025 and 44.37 percent in 2030, compared to the scenariowithout EVFTA.

Sectors benefitting from this the most will be textiles,footwear, farm produce and fishery products, it said.

The signing of these agreements also has a very significantregional value, the Italian site remarked, as Vietnam becomes a gateway for EUcountries to the Association of Southeast Asian Nations (ASEAN) which comprisesof countries that are experiencing fast growth and development rates whileattracting large foreign investments.

In addition to trade, Vietnam aims to attract foreign directinvestment (FDI) with the strategic goal of turning itself into a middle-incomecountry and regional hub, in an effort to become part of the global valuechains.

The chances for growth based on FDI are enormous, said thearticle.

At present, the EU is the largest investor in ASEANcountries, but only the fifth FDI partner in Vietnam. To attract qualityinvestments in the future, Vietnam needs to satisfy standards of environmentalprotection, corporate social responsibility and human resource training, itadded./.

VNA
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