This is a very ambitious agreement that will further strengthen the two sides' already very solid bilateral relations, said Head of the EU Delegation to Viet Nam Bruno Angelet.

He added that once in force the agreement will be mutually beneficial for both sides and Viet Nam will consolidate permanent market access to the largest economy in the world and the European Union, one of its most important trading partners. 

He also highlighted the seriousness and high commitment shown by Viet Nam in the negotiations, affirming that the EU is ready to support Viet Nam to ensure it can reap the benefits of the FTA.

As outlined in the Press Statement by President of the European Commission Jean-Claude Juncker, President of the European Council Donald Tusk, and PM Nguyen Tan Dung in December 2015, the head of the EU delegation affirmed to cooperate with Vietnamese authorities to define a roadmap to prepare for implementation.

Viet Nam is the second ASEAN partner to have concluded an FTA with the EU and it offers a good model for other ASEAN countries. 

The EVFTA reflects Viet Nam’s deep commitment to pursuing trade opening and its transition towards a more competitive and sustainable economy. It includes the elimination of almost all tariffs on goods originating from Viet Nam after seven years. There are also commitments in services, public procurement, non-tariff barriers, and export duties.

The EU is one of Viet Nam’s largest export markets and its second-largest trade partner. Exports to the EU have multiplied three-fold over the last five years, reaching US$30.9 billion in 2015, with imports at US$10.3 billion.

The EU became Viet Nam’s third-largest investor last year, rising from sixth position in 2014. The EU believes that the implementation of the EVFTA will boost bilateral trade flows and promote further EU investment in line with the sustainable development goals included in the agreement.

Source: vov.vn