Ambassador Vu Anh Quang addresses the seminar. (Photo: VNA)

The assessment was made during a seminar on increasing the relations between EU and Vietnam through investment and trade, held in Brussels on June 24th by the Royal Institute for International Relations in collaboration with the EU-Vietnam Business Network, attended by nearly 100 representatives from EU agencies and Belgium-based foreign organizations.

Addressing the seminar, Vietnamese Ambassador to Belgium and head of the Vietnamese mission to the EU Vu Anh Quang confirmed that Vietnam had shown determination and efforts to meet commitments related to labour standards stipulated in the EVFTA, as well as its responsibilities as a member of the International Labour Organization.

Assessing that the EVFTA and the EVIPA are ambitious trade deals between the EU and a developing nation based on legal regulations, Ambassador Quang said that under the EVFTA, 99% of tariff lines will be removed, and many non-tariff barriers will be reduced for both sides, while the EVIPA helps protect and enhance EU investments in Vietnam, making Vietnam a proactive trade and investment hub of EU firms in Southeast Asia.

According to scholars at the seminar, EVFTA and EVIPA will help deepen the bilateral comprehensive partnership, increase trade and investment relations, and improve the market mechanism and investment climate, with a view to facilitating the business of EU enterprises. 

Being considered one of the fastest growing economies in Southeast Asia, Vietnam has become a promising destination for European businesses. Both Vietnam and the EU have seen huge potential in trade exchange across the fields of automobile, industrial machine, sewage treatment, food and beverage, pharmaceuticals, garment and textiles./.

Compiled by BTA