EU-Vietnam free trade deal to benefit both parties
A workshop themed “ EU-Vietnam free trade agreement (EVFTA): New opportunities” took place in Brussels, Belgium on September 14, aiming to propose ways to effectively implement the deal.
Brussels (VNA) – A workshop themed “ EU-Vietnam free trade agreement (EVFTA): New opportunities” took place i♍n Brussels, Belgium on September 14, aiming to propose ways to effectively implement the deal in order to bring the most benefits to both parties.
The event was co-chaired by Deputy Minister of Industry and Trade Tran Quoc Khanh and Mauro Petriccione, deputy director general at the European Commission’s Directorate General for Trade, and the EU’s chief negotiator for the EVFTA.
Addressing the workshop, Vietnamese Ambassador to Belgium Vuong Thua Phong stressed that the EVFTA is a comprehensive and high-quality trade pact that ensures equal benefits to both Vietnam and the EU.
When it takes effect, the agreement will create a more favourable business climate for enterprises and investors of both sides, however it will also bring challenges to Vietnam’s firms and State management agencies, he noted.
Deputy Minister Khanh, who is also the head of Vietnam’s EVFTA negotiation delegation , highlighted Vietnam’s consistent policy of pursuing economic renovation and promoting administrative reform, towards becoming an attractive destination to foreign investors.
The workshop offered a chance to help people and business communities from EU member countries understand more about the EVFTA, and the importance played by the deal for the EU as well as Vietnam, said Mauro Petriccione.
The event was part of the second legal review session to strictly examine the whole contents of the EVFTA, aiming to ensure that words in the agreement accurately represent the contents negotiated by the two sides.
Vietnam and the EU planned to hold one or two more legal review sessions this year, with the aim of finishing the review before the end of 2016 and then translate the deal into Vietnamese and EU nations’ languages.
Once the EVFTA enters into force, the EU will eliminate about 85.6 percent of tax lines on Vietnam’s exports. The rate will increase to 99 percent seven years later.
Meanwhile, Vietnam will liberalise 65 percent of import duties on EU exports. In 10 years later, about 99.8 percent of EU goods exported to Vietnam will enjoy a zero percent tax rate.-VNA
A negotiation delegation from the EU is on a working visit to Vietnam to raise public awareness of how to optimise the benefits and opportunities from the free trade between two sides (EVFTA).
President Tran Dai Quang has asked Slovakia to push for the EU’s signing of the EVFTA and recognition of Vietnam as a market economy soon, thereby boosting bilateral trade and investment.
The free trade agreement between Vietnam and the Europe Union (EVFTA), once ratified, will open up more cooperation opportunities for both sides as their economies supplement each other.
The European – Vietnam Free Trade Agreement (EVFTA) would promote the flow of high-quality investments from the EU into the country with commitments on goods and services market access.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
Dung underlined several key objectives, including a comprehensive review of the legal framework governing SOEs, and called for updates that reflect international standards and support modern, transparent governance.
While the US market has become more difficult to access due to new tax policies, Australia could play the role of a trade cushion, helping to reduce shocks and maintain export momentum for Vietnam's shrimp industry.
Processing tra fish for export (Source: VNA)
