Vietnam should make most of ‘golden time’ to boost exports to EU: diplomat

Illustrative image (Photo: VNA)

Vietnamese exporters should make the most of the advantages created by the EU-Vietnam Free Trade Agreement (EVFTA) to help their products gain a firm foothold in the European market, according to Nguyen Van Thao, Vietnamese Ambassador to Belgium and head of the Vietnamese delegation to the EU.

He affirmed that now is a ‘golden time’ for Vietnam to boost its trade ties with the EU, as those advantages are not permanent.

At present, Vietnam is one of the four Asian countries and two in the Association of Southeast Asian Nations (ASEAN) engaged in FTAs with the region which is home to over 450 million people and has a total GDP of more than 16 trillion USD.

Thao also suggested ministries, sectors, and localities to build long-term strategies, even for the next 20 years, which can identify commodities able to gain a firm foothold in the EU market, and potential fields to enhance cooperation.

The diplomat proposed the Government soon define priority fields to promote cooperation in digital economy and circular economy with the EU.

According to the ambassador, with a coastline of over 3,260km, Vietnam holds huge potential to develop maritime economy – which is also a spearhead sector of Europe.

However, bilateral cooperation in this aspect remains modest, with the European Commission’s ‘yellow card’ warning on illegal, unregulated and unreported (IUU) fishing being a barrier, noted Thao.

He expressed his belief that, with drastic moves by the Government, localities and fishermen, the yellow card can be removed, opening up opportunities for bilateral collaboration./.