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EuroCham: EVFTA a new beginning in Vietnam-EU relations

The European Chamber of Commerce (EuroCham) has applauded National Assembly resolutions ratifying the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA), its Chairman Nicolas Audier said.

Ratification marks a new beginning in the relationship between Vietnam and the EU, he believes, and bolsters Vietnam’s profile as just the second ASEAN country to sign an FTA with the EU.

He stressed that the pact will usher in a new era of greater trade and investment between the two parties and begin the process of removing nearly 99 percent of tariff lines and trade barriers over the course of the next decade.

It will also open up new markets for European investment and innovation and promote sustainable development in Vietnam, he added.

Vietnam will have full access to the EU’s market of 500 million consumers, while European companies can do business and invest in a safe Asian country like Vietnam, he said.

EuroCham has been one of the strongest supporters of the EVFTA since negotiations first got underway, and the agreement is hoped to bring benefits not only to European and Vietnamese businesses but also to the citizens of both sides.

The chamber and its 17 industry sub-committees, which represent over 1,000 member enterprises, are ready to cooperate with Vietnam to ensure everyone can fully tap into the potential of the EVFTA now and in the future, he affirmed./.