Vietnam, EU boast high potential to bolster partnership

Hanoi (VNA) – There is room for Vietnam and the European Union to further bolster their economic, trade and investment cooperation although their partnership is growing strongly, said Deputy Foreign Minister Bui Thanh Son at the “Meet Europe 2018” that was held in Hanoi on May 24.

The Deputy FM said that Vietnam and the EU have enjoyed sound relations despite the complicated regional and international situation with fierce competition and trade protectionism.

After a framework agreement on comprehensive partnership and cooperation between Vietnam and the EU took effect, the bilateral ties have been expanded in various fields and become more effective, he noted, adding that the EU has not only been the largest non-refundable development aid provider of Vietnam but also the second biggest trade partner and leading investor of the country.

Son said that Vietnam has shared fruitful strategic partnership with the UK, Germany, France, Italy and Spain, while setting up comprehensive partnership with Denmark, strategic partnership on climate change adaptation with the Netherlands, as well as traditional relations with many countries in Northern and Central Europe such as Sweden, Finland, Poland, Hungary, Romania, the Czech Republic, Slovakia and Bulgaria.

In the European Free Trade Association, Vietnam has enjoyed growing ties with Switzerland, Norway, Iceland and Liechtenstein.

Local-level cooperation between Vietnam and Europe has also developed effectively with the increasingly diverse engagement of many partners, stated Son.

However, Son said that there is potential for Vietnam and Europe to expand their partnership. The signing and approval of the free trade agreements between Vietnam and the EU as well as the European Free Trade Association in 2018 are expected to bring about new breakthroughs in bilateral ties.

The pacts are hoped to create new momentum for the two sides to optimise market potential, resulting in new cooperation and investment opportunities for enterprises.

The Deputy FM stressed that the Vietnamese Government has drastically implement synchronous measures to improve its investment and business environment, ensuring that the business community from other countries, including those from Europe, operate smoothly and efficiently in Vietnam.

Meanwhile, Ambassador Bruno Angelet, Head of the EU Delegation to Vietnam, said that the free trade agreement between Vietnam and the EU will be signed later this year.

He said that the two sides should make reform and adjustments to seek proper measures to ensure the effective implementation of the deal.

He held that the ‘Meet Europe 2018’ will help bring about new business chances for European firms and Vietnamese localities as well as lure more investment.

The meeting is an event connecting enterprises with the Vietnamese Government. It is a joint effort between Vietnam’s Foreign Ministry and the European Chamber of Commerce (EuroCham) in Vietnam. -VNA