EVFTA marks new stage in development of Vietnam-EU ties
The EVFTA was first ratified, passing with 401 votes out of a total of 633, with the EVIPA passing shortly after with 407 votes in favour.
Upon speaking to the press following the ratification, Deputy Minister of Foreign Affairs Bui Thanh Son showed Vietnam’s elation at the EP making important steps to solidify mutual ties in terms of both strategy and economics.
Deputy Minister Son also highlighted the great significance that the ratification of the agreement holds, with both sides set to celebrate the 30th anniversary of diplomatic relations this year.
The EP’s decision shows that MPs have an appreciation of the nation’s role and standing amid a co-operative partnership between the two sides. Both trade deals are set to create long-term, sustainable, co-operation frameworks, especially in terms of the economy with trade and investment will receive a boost, the Vietnamese diplomat noted.
Throughout the session when the trade deals were being debated, MPs overwhelmingly stated that the two trade pacts signed with the country are steps in the right direction for the EU.
Parliamentarian Sean Kelly of Ireland voiced his support for both trade agreements, noting the huge potential of the trade pacts to solidify the relationship between the EU and Southeast Asia.
The trade deals will also serve to have a positive effect in terms of the environment, in addition to helping investment protection, whilst there are an array of great opportunities for Ireland, with Kelly expressing his hope that the agreements will come into effect as soon as possible.
As a result of the ratification of the two free trade agreements, the economic relations between both sides will be profoundly changed in the coming time due to the trade deals detailing a wide-ranging and comprehensive level of commitment that covers the economy, trade, investment fields, and sustainable development issues.
According to research conducted by the Ministry of Planning and Investment, the EVFTA and EVIPA are poised to elevate the country’s GDP by 4.6 per cent, whilst increasing exports to the EU by 42.7 per cent by 2025. The European Commission estimated that the EU's GDP will surge by US$ 29.5 billion and its exports to Vietnam will grow by 29 per cent by 2035.
Related News
Businesses must fully understand the new EU import control regulations
08:17 | 12/05/2024 Import-Export
Ho Chi Minh City: Enterprises overcome difficulties, exports lead the country
14:58 | 10/05/2024 Import-Export
What to do to develop Vietnam's creative economy?
10:06 | 11/05/2024 Headlines
Enhance the core values of the national brand
15:36 | 02/05/2024 Import-Export
Latest News
Business conditions numerous and cumbersome: CIEM
14:46 | 14/05/2024 Headlines
Prime Minister chairs seminar with Chinese businesses
14:38 | 14/05/2024 Headlines
Vietnam charts vision for sustainable, modern fisheries
19:26 | 13/05/2024 Headlines
Vietnam becomes fastest growing digital economy in ASEAN: HSBC
17:02 | 13/05/2024 Headlines
More News
Maintain fiscal policy to "open the way" for the economy in 2024
13:31 | 13/05/2024 Headlines
Key economic pillars show positive growth
17:54 | 12/05/2024 Headlines
Human resources training takes centre stage to develop e-commerce
17:52 | 12/05/2024 Headlines
High-quality human resources: "Hold the gold, don't let it fall"
08:18 | 12/05/2024 Headlines
Vietnam needs drastic reforms for economic growth: experts
17:49 | 11/05/2024 Headlines
Key economic pillars show positive growth
17:48 | 11/05/2024 Headlines
Vietnam, UK deepen strategic partnership
17:46 | 11/05/2024 Headlines
US Department of Commerce holds hearing on designating VN as a market economy
14:53 | 10/05/2024 Headlines
Vietnam eyes contingent of competent entrepreneurs
14:50 | 10/05/2024 Headlines
Your care
Business conditions numerous and cumbersome: CIEM
14:46 | 14/05/2024 Headlines
Prime Minister chairs seminar with Chinese businesses
14:38 | 14/05/2024 Headlines
Vietnam charts vision for sustainable, modern fisheries
19:26 | 13/05/2024 Headlines
Vietnam becomes fastest growing digital economy in ASEAN: HSBC
17:02 | 13/05/2024 Headlines
Maintain fiscal policy to "open the way" for the economy in 2024
13:31 | 13/05/2024 Headlines