Fish products processed at An Lạc Seafood Company in southern Tra Vinh Province (Photo: VNA) Hanoi (VNA) - The upcoming free trade agreement between Vietnam and theEuropean Union (EVFTA) will open new opportunities for Vietnam to access moderntechnologies and learn management skills, Deputy Industry and Trade Minister TranQuoc Khanh said at a conference in Hanoi on December 20.
Theconference, organised by the Ministry and Industry and Trade and the EuropeanTrade Policy and Investment Support Project (EU-MUTRAP), was aimed at providinginformation on industrial sectors which have potential for investors, as wellas the expected investment trends of European businesses once the EVFTA takeseffect.
"TheEU is one of Vietnam’s most important trade partners, and will be more so oncethe EVFTA, scheduled to be signed in 2017, takes effect in 2018," Khanhsaid.
“EVFTAis expected to create a momentum to promote investment and trade between thetwo parties,” Khanh said.
Accordingly, the total import–export turnover between Vietnam and the EU isexpected to increase by around 50 percent in the first years after theagreement takes effects. Nearly 40 percent of European firms in Vietnam plan toincrease their investment in the upcoming years.
Hesaid the agreement ensures benefits for both Vietnam and EU. The pactfacilitates trade, services and investment, as well as new approaches toprotectionism and investment disputes. The agreement is considered the topcommitment which Vietnam has reached in FTAs so far.
“Withits high quality, EVFTA is expected to be an important momentum for tradepromotion between Vietnam and the EU, especially for key Vietnamese products,such as garment and textile, shoes, agricultural products and for Europeangoods such as equipment, auto and alcohol.
BuiHuy Son, Director of the ministry’s Trade Promotion Department, said the EU has1,089 projects with a total registered capital of 23.16 billion USD, accountingfor 8 percent of the total registered capital in Vietnam.
EU investors are particularly interested in manufacturing, real estate tradingand electricity distribution, he added.
“EVFTAis expected to attract more investment from the EU to Vietnam with newtechnologies and transfer in areas which the country has committed to open,such as garment and textile, leather shoes and wood production,” Son said.
Healso suggested that local firms carefully prepare, in co-operation with foreigninvestors, to welcome investment inflows, absorb new technologies andmanagement skills. Vietnamese companies could be trusted partners of foreignfirms, especially from the EU, he said.-VNA
Theconference, organised by the Ministry and Industry and Trade and the EuropeanTrade Policy and Investment Support Project (EU-MUTRAP), was aimed at providinginformation on industrial sectors which have potential for investors, as wellas the expected investment trends of European businesses once the EVFTA takeseffect.
"TheEU is one of Vietnam’s most important trade partners, and will be more so oncethe EVFTA, scheduled to be signed in 2017, takes effect in 2018," Khanhsaid.
“EVFTAis expected to create a momentum to promote investment and trade between thetwo parties,” Khanh said.
Accordingly, the total import–export turnover between Vietnam and the EU isexpected to increase by around 50 percent in the first years after theagreement takes effects. Nearly 40 percent of European firms in Vietnam plan toincrease their investment in the upcoming years.
Hesaid the agreement ensures benefits for both Vietnam and EU. The pactfacilitates trade, services and investment, as well as new approaches toprotectionism and investment disputes. The agreement is considered the topcommitment which Vietnam has reached in FTAs so far.
“Withits high quality, EVFTA is expected to be an important momentum for tradepromotion between Vietnam and the EU, especially for key Vietnamese products,such as garment and textile, shoes, agricultural products and for Europeangoods such as equipment, auto and alcohol.
BuiHuy Son, Director of the ministry’s Trade Promotion Department, said the EU has1,089 projects with a total registered capital of 23.16 billion USD, accountingfor 8 percent of the total registered capital in Vietnam.
EU investors are particularly interested in manufacturing, real estate tradingand electricity distribution, he added.
“EVFTAis expected to attract more investment from the EU to Vietnam with newtechnologies and transfer in areas which the country has committed to open,such as garment and textile, leather shoes and wood production,” Son said.
Healso suggested that local firms carefully prepare, in co-operation with foreigninvestors, to welcome investment inflows, absorb new technologies andmanagement skills. Vietnamese companies could be trusted partners of foreignfirms, especially from the EU, he said.-VNA
VNA
