Positive progress in Vietnam-EU free trade negotiations.
Both sides are determined to accelerate the pace of negotiations in order to achieve positive results.
According to the Multilateral Trade Policy Department (Ministry of Industry and Trade), the fourth round of negotiations for the Vietnam-EU Free Trade Agreement (EVFTA), held from July 1-5 in Brussels, Belgium, boosted discussions in all areas and achieved positive progress based on balancing the interests of both the EU and Vietnam.
The chief negotiators from Vietnam and the EU reaffirmed the importance of the EVFTA agreement to both sides and affirmed their determination to accelerate the negotiation process to achieve positive results that meet the expectations of both parties.
Both delegation leaders assessed that both Vietnam and the EU had made good preparations for this fourth round of negotiations, considering it a basis for accelerating negotiations, especially in important areas such as trade in goods, trade in services, investment, intellectual property, and government procurement.
Vietnamese and EU negotiators also exchanged views and clarified their approaches in specific areas, while providing more detailed information on each side's relevant policies and regulations to explain their proposals and requests. In addition, the two sides continued discussions on market opening offers in several sectors.
At the conclusion of this negotiating session, both sides achieved a very deep understanding of each other's viewpoints, approaches, and expectations, creating a solid foundation for finding solutions to minimize differences and move towards unifying complex issues in accordance with the practical realities and capabilities of each side. This also serves as an important basis for both sides to continue consultations domestically, leading to more in-depth and detailed negotiations in the next session.
The EU is currently Vietnam's second-largest trading partner and its largest export market. A prominent feature of the import-export structure between Vietnam and the EU is the high degree of complementarity, with little direct competition.
In 2012, total bilateral trade between Vietnam and the EU reached US$29.1 billion. Of this, exports to the EU amounted to US$20.3 billion and imports from the EU amounted to US$8.8 billion. Vietnam's main export product groups to the EU were footwear, textiles, coffee, wood products, and seafood.
The EU is also a major investor in Vietnam; as of the end of January 2013, the EU had 1,810 foreign direct investment projects in Vietnam with a total registered capital of approximately US$34.28 billion.
EU investors have a presence in most of Vietnam's key economic sectors, with the highest concentration in industry, construction, and some service sectors.
According to (vov.vn) - M.D
