Photo for illustration (Source: baodinhduong.vn)

The deal is expected to help Vietnam diversify its international economic ties, he told the Vietnam News Agency (VNA).

In the short-and mid-terms, it will facilitate Vietnam’s market expansion in post-COVID-19 when economic activities in other countries are recovered, he said, adding that Vietnamese enterprises and consumers would access goods and materials with good quality and reasonable prices from the EU.

In the long run, the agreement will make it easier for Vietnam to access high technologies from the EU to improve its productivity and product quality, Long continued.

The EVFTA has put Vietnam in a favourable position in the new global economic order that is being shaped from impacts of the pandemic, he stressed.

To optimise the agreement, the country should push ahead with domestic institutional reform to meet commitments in the deal, he suggested.

More attention should be paid to investment and customs procedures, technical standards, especially product origin, animal and plant quarantine, intellectual property, government procurement and sustainable development, Long went on.

He also suggested Vietnam seriously observe regulations on food safety and product origin when exporting to the EU – one of its biggest agro-forestry-fishery importers.

To utilise opportunities generated by the EVFTA, firms need to fully understand commitments of Vietnam and partners, proactively seek cooperation opportunities with foreign partners and join global and regional supply chains, Long said.

If Vietnam knows how to minimise such opportunities, the country would become a destination for major investment waves, and with its favourable geographical location, the country would serve as a gateway for trade and investment activities of the EU in ASEAN and Australia, he emphasised.

Vietnam can become a processing centre for ASEAN and Australian businesses to serve export to the EU, and vice versa, Long believed./.

BTA