Close cooperation between Vietnam and the EU in sustainable development

	EVFTA strengthens Vietnam's attractiveness to European investors
	EU proposes to change maximum residue levels in many agricultural products of Vietnam
	Businesses will be confident in exporting to the EU when they have enough green capacity

Delegates discussed new cooperation opportunities between Vietnam and the EU. Photo: N.H

To support the Vietnamese and EU business communities in understanding and updating market information, as well as finding reliable partners, the Vietnam Chamber of Commerce and Industry (VCCI) organized the "National forum on promoting Vietnam-EU partnership and sustainable development" on August 21.

Speaking at the forum, Vo Tan Thanh, Vice President of VCCI, highlighted the significant outcomes in the cooperation between Vietnam and the EU. Notably, the EVFTA officially took effect in 2020 after 10 years of negotiations. Currently, Vietnam is the only Southeast Asian country with a comprehensive cooperation framework with the EU.

Over nearly four years of implementing the EVFTA, including more than two years during which Vietnam, the EU, and the world faced significant impacts from the COVID-19 pandemic, the EVFTA has played a crucial role in maintaining Vietnam's economic growth and creating new momentum for bilateral trade and increased EU investment in Vietnam.

Presently, the total bilateral trade between the EU and Vietnam is very positive, but according to Thanh, there is still considerable room for stronger growth, corresponding to the potential and aspirations of businesses and governments on both sides. In the coming period, the market will experience profound changes; globalization and regionalization processes will deepen, requiring businesses on both sides to be more proactive and positive in keeping up with new trends.

According to Thanh, in 2024, the EU introduced several new regulations, such as the Carbon Border Adjustment Mechanism (CBAM) and the EU Deforestation Regulation (EUDR). These laws, along with the European Green Deal, will directly impact Vietnamese businesses in key sectors like agriculture, textiles, footwear, wood, and rubber.

Therefore, to further increase Vietnam's export turnover, meeting "sustainability criteria" is extremely important. This requires businesses to build sustainable, environmentally friendly production models. This challenge can also be seen as an opportunity for Vietnamese enterprises to enhance their internal production capacity, increase competitiveness, and develop exports in a sustainable manner, integrating deeper into global value chains.

In this context, Thanh expressed his hope that the EU would increase information sharing, experience exchange, and support Vietnam in building green, modern, and efficient development policies and models. This includes supporting Vietnam in enhancing its capacity, such as infrastructure development, human resources, technical support, and technology transfer, helping Vietnam establish international standards.

In his speech at the forum, Jean Jacques Bouflet, Vice President of the European Chamber of Commerce in Vietnam (EuroCham), praised Vietnam's efforts in establishing a policy framework for green economic development and its strong commitments to green and sustainable economic growth. This includes specific goals set forth in the National Strategy on Green Growth, aiming for net-zero emissions by 2050, as well as national strategies on forestry, environmental protection, and sustainable development.

Vietnam has also made positive strides in this area, such as increasing the contribution of the green economy to the national economy, moving toward sustainable economic development.

However, Jean Jacques Bouflet also pointed out that Vietnam still lacked a legal framework for green economic development tailored to individual industries and fields, as well as regulations on mobilizing financial support for green economic development.

EuroCham is ready to support Vietnam in its efforts to accelerate the green transformation of its economy, particularly in areas such as renewable energy development, green transportation, and green finance. EuroCham also commits to closely cooperating and sharing experiences with various sectors in Vietnam to advance green economic development and sustainability.

At the forum, representatives from Vietnamese and EU agencies, units, and businesses discussed new cooperation opportunities between the two markets, as well as experiences in cooperating and exporting goods to the EU market.