EVFTA marks new stage in development of Vietnam-EU ties

With an overwhelming majority of votes in favour, the European Parliament (EP) approved the European Union – Vietnam Free Trade Agreement (EVFTA) along with the EU – Vietnam Investment Protection Agreement (EVIPA) on February 12, thereby marking a new stage in relations between Vietnam and the EU
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.

Source: VOV

Related News

Vietnam, Korea Customs sign AEO MRA

Vietnam, Korea Customs sign AEO MRA

VCN- The Director General of the General Department of Vietnam Customs (GDVC), Mr Nguyen Van Tho, and the Commissioner of Korea Customs Service (KCS), Mr Ko Kwang Hyo, signed the Authorized Economic Operator Mutual Recognition Agreement (AEO MRA) on the afternoon of December 24, at the GDVC’s headquarters.
Prioritizing semiconductor workforce training

Prioritizing semiconductor workforce training

VCN - Vietnam is well-positioned to participate deeply in the global semiconductor industry. Experts believe that developing a skilled workforce in microchips and semiconductors should be a long-term priority to effectively capitalize on this opportunity.
Vietnam-Cambodia: Looking back on journey of cooperation

Vietnam-Cambodia: Looking back on journey of cooperation

VCN – The bilateral meeting between the General Department of Vietnam Customs (GDVC) and the General Department of Customs and Excise of Cambodia (GDCEC) was held by the GDVC on December 9.
Vietnam-China e-commerce: A perspective from Lang Son border

Vietnam-China e-commerce: A perspective from Lang Son border

VCN - Cross-border e-commerce is currently a hot topic among e-commerce businesses, particularly those actively developing digital platforms and cross-border electronic payment infrastructures through border gates in Lang Son province.

Latest News

Việt Nam establishes central steering committee to lead innovation and digital transformation

Việt Nam establishes central steering committee to lead innovation and digital transformation

This initiative seeks to position Việt Nam as a regional hub for digital technology industries and rank among the top 30 nations globally in innovation and digital transformation by 2045.
Ho Chi Minh City: Diversifying forms of support for businesses exporting goods

Ho Chi Minh City: Diversifying forms of support for businesses exporting goods

VCN - To help businesses increase their exports, Ho Chi Minh City has many forms of support and connection between businesses and foreign partners to expand their markets.
Year-end stimulus expected to boost economic growth

Year-end stimulus expected to boost economic growth

A series of year-end stimulus solutions is expected to spur Việt Nam’s economy to achieve the GDP growth target of over 7 per cent this year.
Enterprises focus on Tet care for employees

Enterprises focus on Tet care for employees

VCN - Tet bonuses are always an issue that receives special attention from employees at the end of each year. This year, the economy is facing many difficulties, many enterprises in the southern provinces have announced Tet bonuses, reflecting their tireless efforts to ensure the rights of employees.

More News

Experts point out economic growth drivers, challenges for next year

Experts point out economic growth drivers, challenges for next year

Several growth drivers are in place to help Việt Nam achieve its GDP growth rate goal of 6.5-7 per cent next year, but rapid and strong international fluctuations remain challenges to watch out for.
Việt Nam’s GDP growth to outpace region peers: Oxford Economics

Việt Nam’s GDP growth to outpace region peers: Oxford Economics

Việt Nam will be the standout among the top six ASEAN economies (ASEAN-6), growing at a faster pace relative to its peers during the next few years, according to the Oxford Economics, a global economic advisory firm.
PM asks efforts to achieve more than 8 per cent economic growth in 2025

PM asks efforts to achieve more than 8 per cent economic growth in 2025

Prime Minister Phạn Minh Chính has issued Official Dispatch No 137/CĐ-TTg on Friday on accelerating economic growth next year.
Việt Nam

Việt Nam's administrative restructuring will not impact foreign investors, says Foreign Ministry

Under the restructuring roadmap, the government will retain eight ministries and agencies but streamline their internal structures. For the remaining 14, the government will carry out reorganisation and mergers to reduce the number of administrative bodies.
Vietnam’s GDP growth to outpace region peers: Oxford Economics

Vietnam’s GDP growth to outpace region peers: Oxford Economics

Vietnam will be the standout among the top six ASEAN economies (ASEAN-6), growing at a faster pace relative to its peers during the next few years, according to the Oxford Economics, a global economic advisory firm.
Government Party Organisation must be elite, streamlined, ensure effective operations: PM

Government Party Organisation must be elite, streamlined, ensure effective operations: PM

Prime Minister Pham Minh Chinh, head of the Government Steering Committee for summarising the implementation of Resolution 18-NQ/TW of the 12th Party Central Committee, which seeks to streamline the political system for greater efficiency and effectiveness, chaired the fifth meeting of the committee in Hanoi on December 19.
Vietnam among Asia’s 15 largest economies

Vietnam among Asia’s 15 largest economies

The statistical visualisation platform Seasia Stats recently ranked Vietnam among the top 15 economies in Asia, with projected economic output reaching some 506 billion USD in 2025.
Chinese media praises Vietnam’s economic achievements, outlook

Chinese media praises Vietnam’s economic achievements, outlook

Chinese media outlets, including The Paper, CRI, Sohu, Sina, the Guangdong E-Commerce Association's website, and BWC, have published numerous reports and analyses highlighting Vietnam’s remarkable economic achievements in 2024 and its promising outlook for 2025.
Vietnam International Defence Expo 2024 opens

Vietnam International Defence Expo 2024 opens

The Vietnam International Defence Expo 2024 is due to kick off on December 19 morning at Gia Lam airport in Hanoi, gathering more than 200 units and enterprises from over 30 countries worldwide.
Read More

Your care

Latest Most read
Việt Nam establishes central steering committee to lead innovation and digital transformation

Việt Nam establishes central steering committee to lead innovation and digital transformation

This initiative seeks to position Việt Nam as a regional hub for digital technology industries and rank among the top 30 nations globally in innovation and digital transformation by 2045.
Ho Chi Minh City: Diversifying forms of support for businesses exporting goods

Ho Chi Minh City: Diversifying forms of support for businesses exporting goods

To help businesses increase their exports, Ho Chi Minh City has many forms of support and connection between businesses and foreign partners to expand their markets.
Year-end stimulus expected to boost economic growth

Year-end stimulus expected to boost economic growth

A series of year-end stimulus solutions is expected to spur Việt Nam’s economy to achieve the GDP growth target of over 7 per cent this year.
Enterprises focus on Tet care for employees

Enterprises focus on Tet care for employees

VCN - Tet bonuses are always an issue that receives special attention from employees at the end of each year. This year, the economy is facing many difficulties, many enterprises in the southern provinces have announced Tet bonuses, reflecting their tirel
Experts point out economic growth drivers, challenges for next year

Experts point out economic growth drivers, challenges for next year

Several growth drivers are in place to help Việt Nam achieve its GDP growth rate goal of 6.5-7 per cent next year, but rapid and strong international fluctuations remain challenges to watch out for.
Mobile Version