Once the Vietnam-EU free trade agreement (FTA) is signed, Vietnam willneed to renovate its economic policies and institutions and be preparedfor agreement enforcement, noted Danish Ambassador to Vietnam JohnNielsen.
Speaking at a workshop on the FTA, jointlyheld by the Central Institute for Economic Management (CIEM) and theDanish Embassy on June 25, Nielsen pointed out challenges accompanyingthe agreement, including requirements to improve product quality,competitiveness and the business and investment climate.
CIEM Director Nguyen Dinh Cung stressed that benefits brought by FTAsdepend heavily on policy and institution reform to turn challenges intoopportunities and opportunities into benefits. Vietnam has to modify itspolicies, mechanisms and institutions to increase the positive impactsand reduce negative impacts of the agreement on the economy.
Delegates also shared international experience in renovatinginstitutions and adjusting policies as learned by developing countrieswhen enforcing FTAs.
Vietnam and the EU startednegotiations on the agreement in June 2012 and have so far undergone 12rounds of discussions. Along with tariff cuts and trade facilitation,the two sides’ commitments include investment, the environment,competition and sustainable development.
The FTAbetween Vietnam and the EU, once signed, could help expand Vietnam’s GDPby 7-8 percent by 2025. Vietnam’s exports to the EU are likely toincrease by 10 percent.-VNA
Speaking at a workshop on the FTA, jointlyheld by the Central Institute for Economic Management (CIEM) and theDanish Embassy on June 25, Nielsen pointed out challenges accompanyingthe agreement, including requirements to improve product quality,competitiveness and the business and investment climate.
CIEM Director Nguyen Dinh Cung stressed that benefits brought by FTAsdepend heavily on policy and institution reform to turn challenges intoopportunities and opportunities into benefits. Vietnam has to modify itspolicies, mechanisms and institutions to increase the positive impactsand reduce negative impacts of the agreement on the economy.
Delegates also shared international experience in renovatinginstitutions and adjusting policies as learned by developing countrieswhen enforcing FTAs.
Vietnam and the EU startednegotiations on the agreement in June 2012 and have so far undergone 12rounds of discussions. Along with tariff cuts and trade facilitation,the two sides’ commitments include investment, the environment,competition and sustainable development.
The FTAbetween Vietnam and the EU, once signed, could help expand Vietnam’s GDPby 7-8 percent by 2025. Vietnam’s exports to the EU are likely toincrease by 10 percent.-VNA
