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PM discusses enhancing Vietnam-EU trade, cooperation with EU-ASEAN business delegates

PM discusses enhancing Vietnam-EU trade, cooperation with EU-ASEAN business delegates

The foreign-invested economic sector is an important component of Vietnam's economy and the Vietnamese Government always protects the legitimate and legitimate rights and interests of investors, Prime Minister Pham Minh Chinh said on February 14.

He made the remarks at a reception for a delegation of the EU-ASEAN Business Council and the European Chamber of Commerce in Vietnam (EuroCham) to discuss measures to promote economic, trade and investment relations between Vietnam and the EU.

The PM affirmed Vietnam always advocates further deepening the comprehensive partnership and cooperation with EU and the strategic partnership between ASEAN and the EU. 

He suggested that EU investors and businesses continue to accompany Vietnam in implementing three strategic breakthroughs, promoting three main drivers of the country’s economic development, namely investment, export and consumption; helping Vietnam access green and high-tech financial investment sources, serving the needs of sustainable development in areas such as digital transformation, green transformation, circular economy, infrastructure development, high-quality human resources training and diversification of markets, products and supply chains.

In order to effectively implement the cooperative relations between Vietnam and the EU as well as between the ASEAN and the EU in the coming time, the PM called on Vietnamese and EU businesses to jointly make efforts to effectively implement the EU-Vietnam Free Trade Agreement (EVFTA) and push the remaining EU member states to soon ratify the EU-Vietnam Investment Protection Agreement (EVIPA) and the EU to remove the yellow card relating to illegal, unreported and unregulated fishing imposed on seafood products from Vietnam. At present, 12 out of 27 EU members have ratified the EVIPA.

The delegates expressed their pleasure that the EU has become the fifth largest trading partner and the third largest export market of Vietnam while the Southeast Asian nation is the EU's largest trading partner in ASEAN. In particular, the EVFTA is an important driving force for two-way trade between Vietnam and the EU to continuously increase. Trade turnover between Vietnam and the EU reached 62.4 billion USD in 2022, an increase of 9.8% compared to 2021.

Jens Ruebbert, Vice Chairman of the EU - ASEAN Business Council said that the participation of more than 50 leaders of large enterprises in the delegation reflects the importance of Vietnam.

EuroCham Chairman Alain Cany expressed his belief in the outcome of the implementation of the EVFTA in the coming time and affirmed that EU businesses will actively promote the ratification of the EVIPA./.