EVFTA, EVIPA unleash market potential for European firms: German minister
The EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA), which were ratified by the European Parliament (EP) on February 12, offer significant business opportunities for European enterprises, German Federal Minister for Economic Affairs and Energy Peter Altmaier has said.
German Federal Minister for Economic Affairs and Energy Peter Altmaier (Photo: Xinhua/VNA)
Berlin (VNA) – The EU-Vietnam Free Trade Agreement (EVFTA) and theEU-Vietnam Investment Protection Agreement (EVIPA), which were ratified by theEuropean Parliament (EP) on February 12, offer significant businessopportunities for European enterprises, German Federal Minister for EconomicAffairs and Energy Peter Altmaier has said.
According to the minister, as a fast growing economy, Vietnam is an idealmarket for European products and services.
On the back of the two trade pacts, it will be much easier for Europeancommodities to break into this important market, he stressed.
He also described the EP’s approval of the deals as a vital signal for free tradeand protectionism prevention.
Meanwhile, Director General of the Federation of German Industries (BDI)Joachim Lang said the local industrial sector breathed a sigh of relief whenthe EVFTA and EVIPA were adopted by the EP, explaining the deals will promotetrade exchanges with the Southeast Asian country.
Sharing the same view, President of the Federation of German Wholesale andForeign Trade (BGA) Holger Bingmann billed the EVFTA as the most ambitious freetrade agreement ever negotiated with a developing country.
He believed the EVFTA, together with the EVIPA, will contribute to boostingeconomic relations between businesses from both sides.
Statistics from the Association of German Chambers ofCommerce and Industry (DIHK) showed that Germany exported 4.1 billion EUR (4.45billion USD) worth of products to Vietnam in 2018, a year-on-year surge of 18percent. Meanwhile, Vietnam gained 9.8 billion EUR from shipments to theEuropean nation, up 1.4 percent from 2017./.
The European Parliament (EP) on February 12 ratified the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA).
The ratification of the European Union – Vietnam Free Trade Agreement (EVFTA) and the EU – Vietnam Investment Protection Agreement (EVIPA) by the European Parliament (EP) has reflected its high valuation of and trust on Vietnam as a comprehensive and important partner in all areas, not only in Asia but the world also.
Minister of Industry and Trade Tran Tuan Anh on February 12 described the European Union – Vietnam Free Trade Agreement (EVFTA) as a lever for growth, opening up opportunities to infiltrate into a market with a gross domestic product of 18 trillion USD.
The International Labour Organisation (ILO) office in Vietnam on February 12 said it welcomes the European Parliament’s ratification of the European Union – Vietnam Free Trade Agreement (EVFTA) in Paris earlier the same day, which is expected to bring economic benefits to both sides.
The latest order follows Vietjet’s commitment for 20 additional A330neo aircraft last month, bringing the airline’s total widebody aircraft on order to 40.
Minister of Finance Nguyen Van Thang acknowledged the target represents an important milestone for socio-economic development as well as a demonstration of the country’s aspiration for robust economic growth.
The price of E5 RON92 petrol is now capped at 20,631 VND (0.79 USD) per litre, up 1,169 VND from the previous adjustment, while RON95-III costs no more than 21,244 VND per litre, up 1,277 VND.
While German consumers are familiar with Vietnamese products such as coffee, seafood, tea, and spices, many other quality items remain relatively unknown in the market. The Selgros event not only helped introduce Bac Giang lychee to German consumers but also provided them with the opportunity to experience other Vietnamese agricultural products.
The article by Cuba’s Inter Press Service detailed how Vietnamese private enterprise Agri VMA leased 1,000 ha of land in Los Palacios district, Cuba’s westernmost province of Pinar del Río, for rice cultivation over a three-year period. The project’s first harvest in 2025 recorded an impressive yield of 7.2 tonnes per hectare, far exceeding the local average of 1.6 tonnes.
During the visit, office representatives held a working session with the Tipaza Chamber of Commerce and Industry and met with several prominent local businesses operating in key sectors including industry, agriculture, fisheries, food processing, chemicals, pharmaceuticals and plastics.
A Nordic delegation to Vietnam International Sourcing 2025 in September will feature leading names in retail, consumer goods, logistics, and sustainable manufacturing, including global fashion giant H&M, offering fresh prospects for partnerships in fashion, textiles, and green supply chains.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
Effective from the date of signing on June 18, the decision halts procedures outlined in the 2005 Memorandum of Understanding (MoU) between the governments of Vietnam and Laos on the initial implementation of the Greater Mekong Subregion (GMS) Cross-Border Transport Facilitation Agreement at the Lao Bao–Densavan border gate.
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.
German Federal Minister for Economic Affairs and Energy Peter Altmaier (Photo: Xinhua/VNA) 
