EVFTA, EVIPA: balanced benefits for both Vietnam and EU

Monday, 2019-07-01 17:14:26
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At the dialogue on EVFTA and EVIPA
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NDO – Vietnamese Minister of Industry and Trade Tran Tuan Anh emphasised that the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA) are comprehensive and high-quality agreements with balanced benefits for both Vietnam and the EU.

The minister made the remarks at the dialogue on EVFTA and EVIPA themed “Opportunities for businesses" held in Hanoi on July 1.

Addressing the event, Minister Tran Tuan Anh said that the new generation of free trade agreements, EVFTA and EVIPA, regulate many issues besides commitments on goods market openness including the opening of services, investments and procurement markets of Government agencies; e-commerce; intellectual property rights; State-owned enterprises and sustainable development.

Anh noted that regulations based on international standards in various areas of business, trade, investment, bidding, intellectual property, and others are the basis for Vietnam to undertake reforms and restructure the economy towards modernity and efficiency amid huge challenges in an ever changing world.

Thus, improved Vietnamese infrastructure and business environments will facilitate investment and business activities including enterprises and investors from the EU, the minister said.

Besides economic growth, EVFTA is expected to create about 146,000 jobs per year for Vietnam meanwhile the deal is forecast to increase EU's national income to EUR29.5 billion in the future.

EU exports to Vietnam is anticipated to rise by an average of 29% in addition to other benefits in the areas of services, Government purchasing, and others, Minister Tran Tuan Anh noted.

Sharing the same view with Minister Anh, President of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc said that EVFTA and EVIPA are the agreements with highest level of liberation and equality.

Loc added that the EVFTA and EVIPA will open up employment opportunities for tens of millions of Vietnamese workers while EU citizens will have diverse choice of agricultural products with competitive prices. The EVFTA will not only benefit tens of millions of enterprises but also hundreds of millions of European people.

“Vietnam is looking toward a new generation of foreign direct investment (FDI) with higher quality, technology, and added value and the EVFTA and EVIPA are an opportunity for EU businesses to do this” Loc said.

"If the EU succeeds in cooperating with Vietnam in the framework of EVFTA, the EU will convince the whole world about the feasibility of fair cooperation between developed and developing countries.” the VCCI President emphasised.

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