European firms support EU-Vietnam FTA signing
Updated : Tuesday, October 09, 2018 11:33 AM (GMT+0700)

Europeanbusinesses expressed their support for the signing and ratification of a freetrade agreement between the European Union (EU) and Vietnam (EVFTA) at aconference on October 8.

Participants at the event - Source: VNA

Addressing the event inBrussels, Belgium, Chairman of the European Chamber of Commerce in Vietnam(EuroCham) Nicolas Audier noted the investment and business environment inVietnam has improved.

He said the FTA will benefitEuropean firms in many areas, including pharmaceuticals.

Audier noted 80 percent ofEuroCham member enterprises feel optimistic about the business outlook inVietnam and hope that the EVFTA will be signed and approved soon.

Vietnamese Ambassador toBelgium and head of the Vietnamese Mission to the EU Vu Anh Quang said Vietnamis a promising market with rapid and stable economic growth.

Over the years, Vietnam hasshared many initiatives of the EU in promoting global cooperation andcollaboration with the bloc in trade liberalisation, climate change responseand sustainable growth.

The diplomat stressed theEVFTA is a tool to strengthen the multi-faceted partnership between the EU andVietnam, bringing benefits to enterprises and people of both sides.

Thomas Debelic, Chairman ofthe German Business Association, said European investors in Vietnam will enjoybetter assurances thanks to the Investment Protection Agreement (IPA), whichhas been separated from the EVFTA.

He said that the more than120,000-strong Vietnamese community in Germany is a great strength of bilateralrelations.

At the event, speakers fromEuropean businesses operating in Vietnam discussed the impacts of the EVFTA onthe reforms of Vietnam. They asserted opportunities for business cooperationare increasing, especially trading activities between Vietnam and the EU due tothe diversity and supplementary strengths of both sides. Consumers of the twosides will also benefit from the process, they added.

They noted Vietnam isimproving its illegal and unreported fishing situation in line with theEuropean Commission’s recommendations.

Mariam Garcia Ferre from theEU Delegation to Vietnam said the EU has supported Vietnam, through independentconsultation experts, in building action plans and programmes to become readyto implement commitments stated in the deal.

Meanwhile, Filip Deraedt,who represents the EC, said that the EVFTA and IPA have been translated intolanguages of EU countries and Vietnamese to be submitted to the EC and theVietnamese Government before the ratification process is undertaken in theEuropean Parliament and Vietnam’s National Assembly.


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