Vo Tan Thanh, Vice Chairman of the Vietnam Chamber of Commerce and Industry (VCCI), said that after two years, two-way trade between Vietnam and the EU rose 14.5% in 2021 to 57 billion USD.

Carsten Schittiek, Minister Counsellor, Head of the Trade Section of the EU Delegation to Vietnam addresses the event.

In the first six months of 2022, the figure reached 31.7 billion USD, up 14.6% year-on-year, he noted, adding that an upturn has been seen in investment from the Netherlands (26%), Sweden (63%), and Denmark (240%).

Lego Group of Denmark has recently invested in a 1 billion USD project in southern Binh Duong province, said Thanh.

He held that the results have shown the positive contributions of the EVFTA to Vietnam's economic development, especially in the context that Vietnam has suffered many negative impacts from Covid-19 and the Russia-Ukraine conflict.

However, Thanh also pointed to a number of aspects that Vietnam has yet to optimise from the deal, including limitations in the implementation of social welfare, environmental protection and sustainable development policies, which are important parts of the EVFTA.

For his part, Carsten Schittiek, Minister Counsellor, Head of the Trade Section of the EU Delegation to Vietnam, hailed Vietnam’s efforts in the implementation of the EVFTA, especially the country’s strong commitments through the integration and amendment of many relevant laws, thus bringing great economic benefits to Vietnam and other EVFTA members.

Schittiek recommended that Vietnam create a more simplified economic climate to attract investment from European businesses, with greater attention to policies in sustainable development, green energy, climate change adaptation, and labour rights in accordance with International Labour Organisation (ILO) conventions.

By bringing more large investors as well as new knowledge and technical expertise to Vietnam, the deal can help the country to focus on new, higher quality and cleaner investment to reinforce its global supply chains, he said.

Meanwhile, Ingrid Christensen, Director of ILO Vietnam, commented that Vietnam has moved closer towards common global standards since the EVFTA took effect two years ago.

She lauded Vietnam's commitments to managing labour relations and ensuring the rights of employees.

Highlighting the significance of labour and employment in the current period, she advised Vietnamese businesses and the Government to work together to deal with difficulties and challenges.

Participants at the event also discussed issues related to responsible business and sustainable development, while updating new regulations in some European countries.

FTAs provide impetus for exports

Despite pandemic-caused difficulties, Vietnam still posted a trade surplus of 4 billion USD, an impressive achievement partly attributed to free trade agreements (FTAs), especially the new-generation ones.

Vietnam urged to improve policies for effective implementation of EVFTA

Improving the policy system and legal framework based on international trade practice is one of the important factors for Vietnam to integrate more deeply into the global value chains and attract investment capital from Europe as well as create a level playing field for domestic and foreign enterprises, Ambassador Giorgio Aliberti, Head of the European Union Delegation to Vietnam, has said.

Switzerland hopes for early signing of FTA between Vietnam, EFTA

Vietnam and Switzerland have agreed to soon conclude negotiations on a free trade agreement (FTA) between Vietnam and the European Free Trade Association (EFTA), of which Switzerland is a member.

Vietnam, Israel look toward bilateral FTA next year

Vietnamese Minister of Industry and Trade Nguyen Hong Dien has hailed Israel as a promising market of Vietnam in West Asia.

Customs agency issues guidance for UKVFTA implementation

The General Department of Vietnam Customs has issued documents to guide the customs departments of provinces and cities to effectively enforce the UK-Vietnam Free Trade Agreement (UKVFTA) and related documents.

Fruit and vegetable exports increase sharply thanks to FTAs

Since the beginning of the year, Vietnam's fruit and vegetable exports have reached US$1.35 billion, up 9.5% over the same period last year, including many high potential markets.

Source: VNA