|NA Chairman Vuong Dinh Hue speaks at the Vietnam-Belgium Business Roundtable|
Effective implementation of trade deal
NA Chairman Vuong Dinh Hue's trip to Europe contributed to consolidating and strengthening Vietnam's foreign relations in general and the relationship between the Vietnamese NA and the parliaments of European Union (EU) countries in particular, promoting cooperation with the EU and member states.
During a meeting with President of the European Council (EC) Charles Michel in Brussels, NA Chairman Hue said the EU is a leading partner of Vietnam in terms of trade and investment. Slightly over a year since implementation of the EU-Vietnam Free Trade Agreement (EVFTA), bilateral trade has increased by 18 percent despite a range of difficulties posed by the Covid-19 pandemic.
NA Chairman Hue said Vietnam's legislature had played an important role in the preparation, signing, ratification and implementation of the trade deal, and approved the revised Labor Code as well as the roadmap on joining fundamental conventions of the International Labor Organization (ILO). He also urged the parliaments of EU countries to quickly ratify the EU-Vietnam Investment Protection Agreement (EVIPA).
At the Vietnam-Belgium Business Roundtable, Vietnamese Minister of Industry and Trade Nguyen Hong Dien discussed Vietnam's first year implementation of the EVFTA, affirming the country's determination to fully implement the trade deal's commitments.
Dien said Belgium was Vietnam's seventh largest trading partner in the EU, with bilateral trade growing at an average annual rate of 6.09 percent in the 2015-2019 period. Due to the impact of the Covid-19 pandemic, bilateral trade dropped to US$2.78 billion in 2020. In the first seven months of 2021, this figure reached US$2.32 billion, an increase of 46.71 percent compared to a year ago.
|Vietnamese Minister of Industry and Trade Nguyen Hong Dien receives representatives of European firms|
Vietnam offers EU gateway to ASEAN
According to NA Chairman Vuong Dinh Hue, Vietnam advocates attracting foreign investment in a selective manner, focusing on quality, effectiveness, technology and environmental protection. The country prioritizes projects in high technology, innovation, research and development, and projects with spillover effects that create favorable conditions for Vietnamese enterprises to participate in the value chain, as well as those related to promoting the digital economy and contributing to the country's sustainable socioeconomic development.
NA Chairman Hue also said Vietnam was committed to creating the best business environment to meet the standards of the Organization for Economic Cooperation and Development (OECD). Those include maintaining socio-political and macroeconomic stability, removing bottlenecks in institutions, infrastructure and human resources, developing supply chains, reducing transaction costs, especially logistics and administrative costs, and building a stable and highly predictable environment with transparent enforcement and accountability.
The EU and ASEAN have established a strategic partnership. EU investors are offered opportunities to access the Vietnamese market of nearly 100 million people, as well as the ASEAN market of nearly 650 million people and the Asian market of nearly five billion people. Vietnam is ready to serve as a gateway for the EU to ASEAN, NA Chairman Hue said.
As for the EU, the leaders pledged to support Vietnam in playing an increasingly important role in the region. According to Finnish Minister for Development Cooperation and Foreign Trade Ville Skinnari, Vietnam has been not only a priority partner but also a good friend of Finland over the past half century, with bilateral trade reaching about EUR5 billion.
|Within the framework of the trip, Belgium and Slovakia provided Vietnam with 200,000 doses of Covid-19 vaccines and pledged to provide millions more. Many organizations, businesses and individuals have also provided the country with medical equipment worth more than VND1.028 trillion.|
- Vietnam external relations in 2020: mettle and new posture
- YouTube CEO Susan Wojcicki warns the EU 'meme ban' threatens the open internet as we know it
- Vietnam-Germany relations develop constantly: Ambassador
- Việt Nam's external relations in 2020: mettle and new posture
- Brexit is DONE! Britain FINALLY breaks free of EU rules - with Dover lying deserted on the stroke of 11pm amid warnings of queues and shortages ahead
- Top legislator attends ceremony marking 75 years of NA election
- Britain and EU look to new chapter as final obstacles to Brexit clear
- Hard nut to crack in origin fraud fight in Vietnamese products
- From work to pensions, passports and pets, what Britain's new Brexit deal with the EU means for you
- US Secretary of State Mike Pompeo begins official visit to Vietnam
- EU, China leaders seal long-awaited investment deal
- Exodus unlikely as Vietnamese-Asian diaspora brace for new Covid-19 outbreaks
- Boris Johnson CANCELS 'Global Britain' January visit to India to promote post-Brexit international trade because of the new coronavirus lockdown
- Why Post-Brexit India-UK Free Trade Agreement May Rival EU-China Investment Deal
- Urgent Covid alert for Sydney after infected shopper visits a string of venues including Myer and Big W - as Queensland holds its breath over potential UK mutant strain 'superspreader' and anti-maskers defy the rules
- It's here! RAF jet touches down in London with historic Brexit trade deal for Boris Johnson to sign, after beaming EU chiefs do the honours in Brussels - with MPs set to give their seal of approval
- Brexit: These are the big changes for Britons as the UK completes its separation from the EU
- Brexit: Boris Johnson says trade deal is a 'resolution' of UK-EU relations
- Brexit is finally DONE: After four years of wrangling, Boris signs and seals Britain's historic divorce from the EU - as MPs vote 521 to 73 in favour of his deal despite threats of a Labour Remainer rebellion
- Meet the woman who brings a rainbow of color to Vietnamese pho
Vietnamese legislators visit EU, cement relations have 914 words, post on ven.vn at September 28, 2021. This is cached page on Talk Vietnam. If you want remove this page, please contact us.