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
Vietnam, Korea Customs sign AEO MRA
11:07 | 26/12/2024 Customs
Prioritizing semiconductor workforce training
09:16 | 15/12/2024 Headlines
Vietnam-Cambodia: Looking back on journey of cooperation
14:45 | 11/12/2024 Customs
Vietnam-China e-commerce: A perspective from Lang Son border
13:39 | 06/12/2024 Headlines
Latest News
Việt Nam establishes central steering committee to lead innovation and digital transformation
15:48 | 26/12/2024 Headlines
Ho Chi Minh City: Diversifying forms of support for businesses exporting goods
09:42 | 25/12/2024 Headlines
Year-end stimulus expected to boost economic growth
14:13 | 23/12/2024 Headlines
Enterprises focus on Tet care for employees
18:59 | 22/12/2024 Headlines
More News
Experts point out economic growth drivers, challenges for next year
18:57 | 22/12/2024 Headlines
Việt Nam’s GDP growth to outpace region peers: Oxford Economics
20:30 | 21/12/2024 Headlines
PM asks efforts to achieve more than 8 per cent economic growth in 2025
20:27 | 21/12/2024 Headlines
Việt Nam's administrative restructuring will not impact foreign investors, says Foreign Ministry
20:25 | 21/12/2024 Headlines
Vietnam’s GDP growth to outpace region peers: Oxford Economics
09:39 | 20/12/2024 Headlines
Government Party Organisation must be elite, streamlined, ensure effective operations: PM
09:34 | 20/12/2024 Headlines
Vietnam among Asia’s 15 largest economies
15:42 | 19/12/2024 Headlines
Chinese media praises Vietnam’s economic achievements, outlook
15:40 | 19/12/2024 Headlines
Vietnam International Defence Expo 2024 opens
15:37 | 19/12/2024 Headlines
Your care
Việt Nam establishes central steering committee to lead innovation and digital transformation
15:48 | 26/12/2024 Headlines
Ho Chi Minh City: Diversifying forms of support for businesses exporting goods
09:42 | 25/12/2024 Headlines
Year-end stimulus expected to boost economic growth
14:13 | 23/12/2024 Headlines
Enterprises focus on Tet care for employees
18:59 | 22/12/2024 Headlines
Experts point out economic growth drivers, challenges for next year
18:57 | 22/12/2024 Headlines