Mr. Chris Humphrey, Executive Director of the EU-ASEAN Business Council, spoke about what may lie ahead with the EU-Vietnam Free Trade Agreement (EVFTA). How will the EVFTA benefit the trade relationship between the EU and ASEAN in general and the EU and Vietnam in particular? This FTA represents the second the EU has negotiated with an ASEAN member state and, in the words of the European Commission, is the most ambitious FTA Europe has put in place with an emerging economy. It marks a very significant development between the EU and ASEAN in terms of economic diplomacy and trade and we hope it is the precursor to more FTAs with the region and eventually to an ASEAN-wide FTA for Europe. The trade and investment relationship between the EU and ASEAN is already very strong, with Europe being ASEAN’s second-largest trading partner and largest source of foreign direct investment (FDI), so I would expect this FTA to further boost that relationship and also to help … [Read more...] about EU-Vietnam Free Trade Agreement to benefits both
Eu vietnam free trade agreement
Workshop on EU-Vietnam Free Trade Agreement held in Brussels
(VOVworld) – A workshop on the EU-Vietnam Free Trade Agreement (EVFTA) held at the Flemish Parliament, Brussels, on Tuesday informed local enterprises about the opportunities they will receive when the FTA is signed. The event was held by the Belgian Vietnamese Alliance (BVA). Vietnam and the EU are in the final stage of negotiation. EU Chief Negotiator for the EVFTA, Mr. Mauro Petriccione said agreement has been reached on goods, services, and investments, eliminating tariffs, and non-tariff barriers, and other trade-related issues, such as public procurement, regulatory issues, competition, and sustainable development. He added that both sides have worked to resolve differences to conclude negotiations as soon as possible. He lauded Vietnam’s economy as a dynamic and attractive destination for foreign investors, especially those from the EU. The Vietnamese Ambassador in Brussels, Vuong Thua Phong, as listed EVFTA’s benefits for both sides such as creating a stable … [Read more...] about Workshop on EU-Vietnam Free Trade Agreement held in Brussels
Germany supports EU- Vietnam Free Trade Agreement negotiations
(VOVworld)- Germany supports the conclusion of the EU- Vietnam Free Trade Agreement negotiations (EVFTA) this year, German Vice Chancellor Sigmar Gabriel told Vietnamese Minister of Industry and Trade Vu Huy Hoang on Wednesday. The same day, a business forum took place in Berlin to look at prospects of cooperation between Vietnam and Germany and of the EU – Vietnam Free Trade Agreement (EVFTA). Minister Hoang and Vietnamese Ambassador to Germany Nguyen Thi Hoang Anh co-chaired the forum which participated by more than 200 German enterprises and overseas Vietnamese in Germany. Speaking at the opening ceremony, Minister Hoang noted that Germany is currently the largest European trade partner of Vietnam, paving the way for Vietnam to penetrate other European markets. By the end of May, there were some 230 German projects in Vietnam with a registered capital of 1.246 billion USD. Germany is one of the biggest providers of ODA funds to Vietnam and is cooperating with Vietnam in … [Read more...] about Germany supports EU- Vietnam Free Trade Agreement negotiations
EU-Vietnam Free Trade Agreement and its benefits on enterprises
(VOVworld)- On Friday, the National Economics University of Vietnam and the Solvay Brussels Management and Economics College organized a Business Forum themed “EU-Vietnam Free Trade Agreement and enterprise benefits”. Professor Claudio Dordi, Chief Technical Advisor of the EU-MUTRAP Project in Vietnam, emphasized 5 aspects that Vietnamese exporters need to focus on while exporting to the European market. They include tariffs and administrative procedures, brand regulations and intellectual property rights, quality and safety regulations, logistics, and risk management. Once the EU-Vietnam Free Trade Agreement takes effect, the two sides will eliminate 65% of import duties and the remaining will be liberalized within 10 years after. The signing of EVFTA is expected to help Vietnam further integrate into the world economy. … [Read more...] about EU-Vietnam Free Trade Agreement and its benefits on enterprises
EU publishes EU-Vietnam Free Trade Agreement
The European Union (EU) today published the full text of the free trade agreement between the EU and Vietnam. The step follows the conclusion of the negotiating process in December. It will allow all interested stakeholders to become familiar with the content of EU-Vietnam Free Trade Agreement (EVFTA) well in advance of the domestic ratification processes both in the EU and in Vietnam. According to the usual procedure, the text will now be subject to a legal review to verify its consistency and ensure that all the provisions are formulated in a legally-sound way. It will then be translated into all EU languages as well as into Vietnamese before being signed and ratified by both parties. “This is a very ambitious agreement that will further strengthen our already very solid bilateral relations,” said head of the EU Delegation to Vietnam, Ambassador Bruno Angelet. According to Angelet, once in force, the FTA will be mutually beneficial for both sides. Vietnam will … [Read more...] about EU publishes EU-Vietnam Free Trade Agreement