Hanoi (VNA) – A dialogue took place in Hanoi on July1 to discuss opportunities for Vietnamese enterprises resulted from the just-signedEU – Vietnam Free Trade Agreement (EVFTA) and Investment Protection Agreement (EVIPA).

Speaking at the event, Minister of Industry and Trade TranTuan Anh said the EVFTA not only helps Vietnam expand market and increaseexport value of its products, but also draws a new wave of EU investment to thecountry. It will also facilitate the sides to form their new value chains, headded.

The official noted the EVIPA supports Vietnam inconsolidating its international position as a responsible country in thedevelopment of globalisation toward trade liberalisation and facilitation.

When the two pacts take effect, they are expected to helpVietnam complete its legal framework and institution and improve the localbusiness climate. As a result, European investors will have better conditions toengage in the development of Vietnam’s food processing, high-tech, and autoindustries, among others. Vietnam will also become a magnet to EU capital and aconnecting point for the bloc’s trade-investment activities in the ASEANregion.

European Commissioner for Trade Cecilia Malmstrom affirmedthe EU wants to soon obtain the approval of the European Parliament to carryout the agreements.

She said negotiators open opportunities from these pacts andbusinessmen and people are direct participants that will create products,investments, and jobs for prosperity and sustainable growth.

Echoing the view, Chairman of the European Chamber ofCommerce in Vietnam (EuroCham) Nicolas Audier said that the pacts bring aboutboth opportunities and challenges, and that enterprises play a key role intranslating these opportunities into practical projects.

Chairman of the Vietnam Chamber of Commerce and Industry(VCCI) Vu Tien Loc said the two agreements are the best among those Vietnam hasjoined to date in terms of liberalizing trade and ensuring environment andlabour protection standards.

Challenges to local enterprises are large as most of themare small- and medium-sized ones, he added.

According to a VCCI survey, 70 percent of Vietnamesecompanies asked said they have yet to gain information on or pay attention tothe EVFTA.

Loc said the VCCI and EuroCham have basically agreed todesign a joint action programme, establish a joint EU – Vietnam businesscouncil, and hold an annual EU – Vietnam enterprises’ forum to connect the twobusiness communities and make recommendations on bilateral cooperation to the governmentsof Vietnam and EU member nations.

The EVFTA and EVIPA were officially signed in Hanoi on June30 afternoon, in the witness of Prime Minister Nguyen Xuan Phuc, VietnameseNational Assembly and Government leaders, and leaders of the EU.-VNA