Making news

Vietnam a gateway to ASEAN for EU: Italian news site

An Italian news site ran an article on the Vietnamese National Assembly’s recent ratification of the EU – Vietnam Free Trade Agreement (EVFTA) and Investment Protection Agreement (EVIPA), after the European Parliament ratified the two documents in February.

The site noted that for Vietnam, the agreements will open create important opportunity to access the European market, which already is the second export market of the Southeast Asian nation.

Data of the Ministry of Planning and Investment shows that Vietnam’s export turnovers to the EU will increase by about 20 percent this year, 42.7 percent in 2025 and 44.37 percent in 2030, compared to the scenario without EVFTA.

Sectors benefitting from this the most will be textiles, footwear, farm produce and fishery products, it said.

The signing of these agreements also has a very significant regional value, the Italian site remarked, as Vietnam becomes a gateway for EU countries to the Association of Southeast Asian Nations (ASEAN) which comprises of countries that are experiencing fast growth and development rates while attracting large foreign investments.

In addition to trade, Vietnam aims to attract foreign direct investment (FDI) with the strategic goal of turning itself into a middle-income country and regional hub, in an effort to become part of the global value chains.

The chances for growth based on FDI are enormous, said the article.

At present, the EU is the largest investor in ASEAN countries, but only the fifth FDI partner in Vietnam. To attract quality investments in the future, Vietnam needs to satisfy standards of environmental protection, corporate social responsibility and human resource training, it added.