Vietnam - EU explore new momentum in economic and trade cooperation

Ms. Phan Thi Thang - Deputy Minister of Industry and Trade chaired the forum. *Photo: M. Tuan*

In her opening speech, Ms. Phan Thi Thang - Deputy Minister of Industry and Trade especially acknowledged the growth results and positive shifts in Vietnam - EU economic and trade cooperation after the 5-year milestone of the European Union - Vietnam Free Trade Agreement (EVFTA) coming into effect, despite market fluctuations, supply chains, trade activities and the global economy facing many difficulties.

Emphasizing the role of the Agreement, the Deputy Minister of Industry and Trade said that EVFTA not only contributes to promoting trade and diversifying markets, but more importantly, it also supports economic restructuring, institutional reform, improving the business and investment environment and expanding cooperation with the EU in new areas of mutual interest such as green economy, digital economy, energy transition, sustainable development, etc.

However, according to Ms. Phan Thi Thang, to promote the achievements and realize new cooperation opportunities is posing urgent requirements and significant challenges, requiring great determination and efforts from both the Government and the business community.

Sharing at the forum, Ms. Carmen Cano de Lasala - Spanish Ambassador to Vietnam affirmed that Vietnam is the EU's leading partner in ASEAN and expressed confidence in new driving forces to promote trade and investment growth between the two sides with incentives from EVFTA, turning common ambitions on sustainable development into practical cooperation in the fields of energy, circular economy, agriculture, etc.

Ms. Carmen Cano de Lasala - Spanish Ambassador to Vietnam affirmed that Vietnam is the EU's leading partner in ASEAN. *Photo: M. Tuan*

Representing the EU business community in Vietnam, Mr. Jean-Jacques Bouflet - Vice Chairman of EuroCham said that despite the shift in supply chains due to the impact of new trade tariffs, about 76% of European business leaders currently see Vietnam as an attractive investment destination, with 80% predicting that conditions will be even more favorable in the next 5 years. EuroCham is committed to continuing to be a reliable partner in efforts to promote trade and build a dynamic and sustainable investment environment in Vietnam.

From the perspective of a Dutch enterprise, Mr. Johan van den Ban - CEO of De Heus Vietnam and Asia highly appreciated Vietnam's advantages, supply capacity and competitiveness; believed that green production solutions and implementation of environmental and social responsibilities need to be focused on and promoted further.

According to the Ministry of Industry and Trade, the EU is currently Vietnam's leading trading partner - the third largest export market and the fifth largest import market of Vietnam. In contrast, Vietnam is the EU's largest trading partner in the ASEAN bloc and is in the Top 10 suppliers of goods to the EU market (Eurostat 2024).

According to calculations from data from the Vietnam Customs Department, after 5 years of implementing the EVFTA, two-way trade turnover between Vietnam and the EU has continuously increased, from 48.9 billion USD the year before the Agreement came into effect to nearly 78 billion USD in the 5th year of the Agreement coming into effect, recording an average growth rate of 10.1%; in which exports to the EU market increased by an average of 11.7%, imports from the EU market increased by an average of 6.1%.

Source: https://hanoimoi.vn/viet-nam-eu-khai-pha-xung-luc-moi-trong-hop-tac-kinh-te-thuong-mai-720043.html