EVFTA important to Vietnam-Germany trade ties: German official
The EU-Vietnam Free Trade Agreement (EVFTA) helps ensure the access of German products to Vietnam, as well as investment of German entrepreneurs into this increasingly important market, according to a German official.
German Minister for Economic Affairs and Energy Peter Altmaier (Source: AFP/VNA)
Berlin (VNA) - The EU-Vietnam FreeTrade Agreement (EVFTA) helps ensure the accessof German products to Vietnam, as well as investment of German entrepreneursinto this increasingly important market, according to a German official.
German Minister for Economic Affairs and Energy Peter Altmaier affirmed this afterthe EVFTA and the EU-Vietnam Investment Protection Agreement (EVIPA) weresigned on June 30, noting that the EVFTA is an importantsign of trade based on rules and anti-protectionism.
He stressed it is very important that the EU and Vietnam have agreed on veryambitious rules and high standards, especially sustainability.
Meanwhile, Volker Treier - Headof Foreign Trade at the Chambers of Commerce and Industry of Germany (DIHK), described the two just-inked pacts as a significantimpetus for Germany’s economy.
According to Treier, two-way trade between Vietnam and Germany stands at under13 billion EUR (14.7 billion USD), and this is expected to significantly increaseto 22.5 billion USD in the coming time.
After nine years of negotiations, the EVFTA and EVIPA wereofficially inked on June 30.
Vietnamis the fourth country in Asia-Pacific and the second in ASEAN to have signedthe deals.
Once theEVFTA takes effect, over 99 percent of tax lines on goods from both sides willbe lifted.
The twoagreements are of high standards and the most ambitious agreements concludedbetween the EU and a developing country.
After the signing, they are expected to be submitted to the European Parliamentfor ratification.
Vietnamis the second largest trade partner of the EU in ASEAN with two-way tradehitting nearly 50 billion EUR (nearly 56.7 billion USD). Vietnam mainly exportstelecommunications equipment, footwear and textiles, furniture and farm produceto the EU.-VNA
The signing of the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA) after years of negotiations will create new driving forces to lift the Vietnam-EU partnership to a higher level, said Deputy Foreign Minister Bui Thanh Son.
The EU-Vietnam Investment Protection Agreement (EVIPA) not only marks a new step of development in the Vietnam-EU partnership and comprehensive cooperation but also will help improve the quality of foreign investment flows into Vietnam, according to Minister of Planning and Investment Nguyen Chi Dung.
Chairwoman of the National Assembly Nguyen Thi Kim Ngan and European Commissioner for Trade Cecilia Malmstrom exchanged ideas related to the signing and ratification of the EU-Vietnam Free Trade Agrement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA) during their meeting in Hanoi on July 1.
The signing of the free trade agreement and the investment protection agreement between Vietnam and the European Union (EU) is a historical milestone, demonstrating that their close cooperation has been lifted to a new high, EU Commissioner for Trade Cecilia Malmstrom said on July 1.
The EU-Vietnam Free Trade Agreement (EVFTA) will provide a cooperation framework, helping the two sides discuss regulations, simplify customs procedures and build a mechanism to address potential risks, according to Pascale Rouhier, Secretary General of the European Liaison Committee for Agricultural and Agri-Food Trade.
A dialogue took place in Hanoi on July 1 to discuss opportunities for Vietnamese enterprises resulted from the just-signed EU – Vietnam Free Trade Agreement (EVFTA) and Investment Protection Agreement (EVIPA).
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This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
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This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
Deputy PM Tran Hong Ha urged countries to work together to remove supply chain bottlenecks, expand market access, strengthen cooperation in smart customs procedures, mutually recognise technical standards, and eliminate unnecessary protectionist barriers to boost trade and investment.
German Minister for Economic Affairs and Energy Peter Altmaier (Source: AFP/VNA) 
