Vietnamese officials, representatives from the European Union (EU)delegation, and experts from Singapore, Thailand, and the US attended aseminar in Hanoi on December 5 to discuss challenges in theimplementation of the Vietnam-EU Free Trade Agreement (VEFTA).

Openingthe function, Chairman of the Party Central Committee’s Commission forExternal Relations Hoang Binh Quan said during recent meetings,Vietnamese and EU leaders emphasised their political resolve toaccelerate the final stage of the VEFTA negotiation so as to sign thisdeal in early 2015.

The EU has surpassed the US to becomeVietnam ’s top export market and its member nations are also leadingforeign investors in the Southeast Asian country, he noted.

Quansaid the enforcement of the VEFTA will open up a multitude of greatopportunities for both sides. Particularly, Vietnamese businesses willgain better access to the 500 million-strong EU market and attract moreinvestment from this bloc.

It is crucial to identify challengesand devise feasible comprehensive solutions, especially in economic,trade, legal, and institutional aspects, to ensure practical benefits tobe soon brought by the FTA, he said, adding that the seminar is seen asa contribution to efforts taken by Vietnamese ministries and localitiesto speed up the implementation of this agreement.

Rabea Brauer,head of the Konrad Adenauer Stiftung foundation’s office in Vietnam ,said each country needs to integrate strongly into the global economy,and the VEFTA will fuel collaboration not only between EU membercountries and Vietnam but also between the two regions.

The seminar included a discussion on economic and commercial challenges and measures, and another on legal ones.-VNA