Brussels (VNA) – The European Union (EU) wantsto ratify the EU-Vietnam Free Trade Agreement (EVFTA) in 2018 and put it intoforce as soon as possible, the EU’s chief negotiator Mauro Petriccione hassaid.

He made the remark at an EVFTA workshop inBrussels on September 7. The event, held by the European Chamber of Commerce inVietnam (EuroCham) and the Confederation of European Business, attracted nearly100 participants, including representatives of EU and Vietnamese agencies andEuropean business leaders in Vietnam.

Petriccione said FTAs will be a highlight in anupcoming message from European Commission President Jean-Claude Juncker.

The early signing of FTAs between the EU and itspartners is essential, he said, describing the EVFTA as a high-qualityagreement and a pillar in the union’s trade strategy in Southeast Asia.

Vietnamese Ambassador to Belgium Vuong ThuaPhong assessed European businesses’ support for the EVFTA as important,stressing that amid changes in the world, timing is crucial, so the partiesneed to make efforts to soon enforce the deal.

At the workshop, enterprises affirmed theimportance of the agreement to win-win economic and trade cooperation. They agreedthat the EVFTA will aid not only Vietnamese firms but also companies and peopleof Europe.

Many speakers said with a population of nearly100 million and fast and stable economic growth, Vietnam is an especiallypromising market. They also lauded the opportunities generated by the EVFTA.

𝓡[Vietnam hoped to become EU’s largest trade partner in ASEAN]

Jean-Jacques Bouflet, a member of the EuroChamExecutive Committee, noted the improvement in Vietnam’s investment climate,adding that investment-related legal reforms and administrative procedure simplificationhave created a better business environment.

EuroCham supports Vietnam’s willingness inadministrative procedure modernisation to facilitate investment attraction.Once enforced, the EVFTA will become an effective tool to protect EU and Vietnamesefirms when they do business in each other’s markets, he said.

Alann Bouvot, CEO of Sodex Sport Vietnam, saidhe had witnessed improvements in the local investment climate after 26 yearsinvesting in the country’s Nha Trang city, saying Vietnam has a stablepolitical situation and investors can easily talk with local authorities.

Sodex invested in a new production facility in2017, which showed his firm’s belief in a promising future in Vietnam, henoted.

Aside from slashing tariffs, the EVFTA will alsobring about other benefits in terms of the environment, administrativeprocedure improvement, and facilitation of export-import companies.

EU enterprises are eager for the harmonisationof Vietnam’s procedures with European criteria, Bouvot said, adding that hehopes the EVFTA will be ratified and take effect soon.-VNA