Negotiations on the Vietnam-EU Free Trade Agreement basically concluded

Vietnam-EU have basically concluded negotiations on a free trade agreement (/Vietnam+)

On the evening of August 4, in Hanoi, chaired by Vietnamese Minister of Industry and Trade Vu Huy Hoang and Ambassador, Head of the EU Delegation to Vietnam, Dr. Franz Jessen, announced the basic conclusion of negotiations on the Vietnam-EU Free Trade Agreement (EVFTA).

At a press conference recently held by the Ministry of Industry and Trade in coordination with the Multilateral Trade Support Project (Mutrap), Minister Vu Huy Hoang emphasized that the Vietnam-EU FTA is the most comprehensive agreement ever.

Notably, the Vietnamese and EU economies are strongly complementary and very few sectors compete directly with each other, so the signing of the Vietnam-EU Free Trade Agreement will open up opportunities for both economies.

In addition, EVFTA will create better conditions for Vietnamese enterprises to access the European market, a large market with about 500 million people and bring many benefits to Vietnamese enterprises such as tax exemption for at least 90% of tax lines of Vietnamese exported goods to the EU. In addition, EVFTA also increases the attraction of capital from the EU to Vietnam.

To be proactive in integration, the Minister said that after the Agreement is signed, a series of tasks will be implemented, from promoting and introducing the contents of the signed Free Trade Agreement as well as providing more in-depth information to help businesses recognize the difficulties and challenges of the Agreement.

The leaders of the Ministry of Industry and Trade also affirmed that there will be many cooperation programs between ministries and branches of Vietnam and the European Union in improving the quality of human resources, improving the quality of information and conditions for Vietnamese enterprises to have the opportunity to participate in trade promotion and investment promotion programs to find cooperation programs and projects that are mutually beneficial.

Faced with integration challenges, Minister Vu Huy Hoang also recommended that businesses carefully study the provisions of the Agreement, thereby having appropriate business strategies and improving competitiveness to boost exports.

"This is a comprehensive agreement covering public procurement, investment... basically the trade agreement between Vietnam and the EU will complement each other and there will be no direct competition," said Minister Vu Huy Hoang.

Minister Vu Huy Hoang awarded the medal for the career of the Industry and Trade sector to Mr. Franz Jessen (Vietnam+)

In response to concerns about the competitiveness of the agricultural sector, Minister Vu Huy Hoang said that after signing the FTA, most agricultural and aquatic products, including rice, will receive preferential tax rates from the European Union. However, to take advantage of these incentives, Vietnamese enterprises must ensure food safety and hygiene, as well as the rules of origin of goods...

Currently, Vietnam's products exported to Europe mainly focus on industries such as electrical appliances, textiles, footwear, coffee, and seafood. In contrast, the EU's exports to Vietnam are mainly high-tech products such as mechanical equipment, aircraft, and pharmaceuticals.

"When signed, this FTA will bring benefits to people and businesses, thereby gradually increasing the competitiveness of Vietnamese products, and investors will also have more favorable conditions in the production and business process," Minister Vu Huy Hoang emphasized.

The Vietnam-EU Free Trade Agreement (FTA) began negotiations in June 2012. According to Cecilia Malmstrom, EU Trade Commissioner, on the basis of today's Agreement, the negotiating teams will continue the process and resolve the remaining technical issues, and finalize the Agreement document. Once finalized, the Agreement will need to be approved by the European Council and Parliament./.

(According to VN+)