At a meeting held by the EP’s Committee on International Trade (INTA) in Brussels on February 20 to review the progress of the EVFTA, the participants lauded the role of the EVFTA for both Vietnam and the EU.
Speaking at the event, Vietnamese Ambassador to Belgium and Head of the Vietnam Mission to the EU Vuong Thua Phong provided information on Vietnam’s efforts in economic reform and stepping up regional and international integration, affirming that the country has always valued its relations with the EU.
Vietnam – EU trade turnover hit a new height in 2017 at nearly US$52 billion. The EU is now one of the top five foreign investors and also the largest non-Asian investor in Vietnam with 2,000 projects worth $22 billion.
Voicing his hope for the early ratification and implementation of the EVFTA, the Vietnamese diplomat said that the trade agreement will open up more chances in trade and investment, helping the two sides to promote their strengths and serving as an important preparation for an FTA between the EU and ASEAN in the future.
Vietnam will continue to work hard on issues of EU concerns related to the amendment of the country’s Labour Law and participation in some conventions of the International Labour Organisation, and the combination of trade and sustainable development.
The European Commission is expected to work with Vietnam to complete documents of the EVFTA before the end of March for official submission to the European Council. The agreement will be submitted to the European Parliament for ratification in the last six months of 2018.