Illustrative image (Photo: VNA) Hanoi (VNA)– The EU–VietnamFree Trade Agreement (EVFTA), which came into effect on August 1, not only opens upopportunities to spur Vietnam's economy but also offers new prospects toEuropean economies at a time of global financial uncertainties, according to theGerman press agency DPA.
In a recent article, the agency quoted VietnamesePrime Minister Nguyen Xuan Phuc as saying that the deal "opens upopportunities" to boost Vietnam's economy.
In an opening speech at a video conference to optimise thedeal, PM Phuc urged authorities to ensure international labour standards are metand measures are taken to protect the environment. He also expressed hope thatthe agreement will ensure Vietnam's products meet European standards and increasejobs.
Jean-JacquesBouflet, Vice Chairman of the European Chamber of Commerce in Vietnam, was also cited as saying that in a recent survey, 74 percent of European business leaders said the EVFTAwill have a positive impact.
"Currently,worldwide business activities are seriously affected by COVID-19," Boufletsaid at a trade forum on July 31. "The EVFTA will promote trade andinvestment, create long-term opportunities and shape the relationship betweenthe EU and Vietnam over the next ten years."
He addedthat the EVFTA will provide EU enterprises with the chance to access one of themost vibrant consumer markets in Southeast Asia and compete on equal termswith other countries that have signed free trade agreements with Vietnam likeJapan and the Republic of Korea (RoK), the article said.
The EVFTA has also made headlines in newspapers inEurope, which stressed great opportunities for European firms to accessSoutheast Asia.
Austria’s Industriemagazin.at magazine cited Secretary General of the Austrian Federation of Industrialists Christoph Neumayer as saying the agreement is another building block fordomestic and European companies to gain access to important future markets.This applies in particular to Vietnam, which is part of the fast-growing ASEANregion with more than 600 million people.
Other news sites and newspapers of Germany like onvista.de, nuernberger-blatt.de and NeuesDeutschland also ran articles highlighting the deal, and trade tiesbetween Vietnam and the EU./.
VNA
