Hanoi (VNA) - The recent ratificationof the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam InvestmentProtection Agreement (EVIPA) by the National Assembly, along with the decisionby the European Parliament (EP) to adopt the two agreements, confirms thedesire and determination of the two parties to further deepen bilateralrelations 30 years after establishing diplomatic ties, according to DeputyForeign Minister Bui Thanh Son.

The official told the media that the quickimplementation of the two deals would create stable and long-term frameworksthat maximise the potential for cooperation, bringing bilateral economic,trade, and investment ties to the same level as the comprehensive cooperativepartnership.

The implementation of the EVFTA also affirms thestrategic development of bilateral relations, linking the two parties with eachother’s position in diplomatic, development, and integration strategies.

As a comprehensive agreement with high-levelcommitments, the EVFTA is expected to bring major benefits to both, he said.

Primarily, the deal will help Vietnam continuediversifying its economic, trade, and investment relations. This is significantin the context of the global economy being seriously impacted by the COVID-19pandemic.

Secondly, the EVFTA will help promote exports tothe EU, attract investment, create momentum for economic growth, and generatejobs. Commitments to open markets will present a host of opportunities forbusinesses to raise export turnover, especially in fields of potential such asgarments and textiles, footwear, and agro-fishery.

Thirdly, the implementation of the EVFTA’s highstandards will drive economic reforms, change growth models, and restructureexports, in particular increasing the volume of technology used in exports andcreating a competitive and innovative economy in the long term.

Fourthly, it will generate competitiveadvantages for Vietnam in making use of opportunities from shifting supply andproduction chains and attracting high-quality FDI.

Fifthly, its commitments on labour andsustainable development will help Vietnam more effectively implementsustainable development goals and environmental protection efforts.

Besides its advantages, the EVFTA also presentsa great many challenges, such as stronger competition and the need foragencies, localities, and businesses to implement commitments.

Overall, the ratification and implementation ofthe EVFTA is an important and timely step for Vietnam as it is implementing itsforeign policy of independence, self-reliance, multilateralisation,diversification, and active international integration.

Son suggested preparing a roadmap to proactivelyimplement and make best use of the benefits and opportunities from all FTAs,especially new-generation agreements.

It is necessary to remain abreast of new trendsand digitalisation to seek new momentum for economic growth, renovation, andsustainable development.

He called on officials, localities, andbusinesses to make use of shifting capital and production value chains as wellas global waves of trade and investment to attract high-quality projects.

Reinforcing and developing multilateralcooperation and trade systems is crucial, in addition to improving policies andlegal frameworks and ensuring that international technical criteria andstandards are met, the official concluded./.