The Euro Presse Image (EPi) on November 27 ran a story saying the European Union (EU) and Vietnam are moving towards a free trade agreement after more than two years of negotiations.
Rice for exports (Illustrative image. Source: VNA)
Brussels (VNA) – The Euro Presse Image (EPi) on November 27 ran a story saying the European Union (EU) and Vietnam are moving towards a free trade agreement after more than two years o🌌f negotiations.
The EU-Vietnam Free Trade Agreement (EVFTA) will lift almost all tariff barriers and open the door for European businesses to make inroads in the Vietnamese market, the article said, adding that the trade pact covers various fields from goods, services and investment to government procurement.
European Commissioner for Trade Cecilia Malmstrom was quoted as saying the EVFTA is a balanced agreement which will push trade with one of the most dynamic economies in Asia and enable EU enterprises to penetrate into the 90-million-strong market.
The EVFTA will boost the high-quality investment capital flow from the union and other partners into Vietnam, the article said, anticipating that Vietnam is likely to become a centre to connect EU trade and investment activities in ASEAN.
This is expected to boost Vietnam’s economic restructuring and change its growth model in a positive direction, the article added.
The completion of the EVFTA will help Vietnam integrate globally as a market economy, it said.
The article commented that the EVFTA is the first trade deal that the EU has signed with a developing country, demonstrating the mutual trust and common goal of sustainable development.
The EU is the sixth largest foreign investor in Vietnam. In 2013, European businesses poured over 500 million EUR in Vietnam. Over the past decade, bilateral trade increased by 200 percent to reach 28 billion EUR at present.
Vietnam is the fourth biggest trade partner of the union in the ASEAN.
Necessary technical and legal procedures are being completed to submit the EVFTA to the European Parliament. The pact is expected to take effect in late 2017 or early 2018.-VNA
Vietnam and the European Union (EU) have basically concluded negotiations on the bilateral free trade agreement (EVFTA), announced Vietnamese Minister of Industry and Trade Vu Huy Hoang on August 4.
After the Free Trade Agreement between EU and Vietnam (EVFTA) comes into effect, the EU will eliminate 85.6 percent of tariff lines which account for 70.3 percent of Vietnamese export value to the EU,
The European Parliament (EP) advocates the signing of the EU-Vietnam Free Trade Agreement (EVFTA) to since it benefits Vietnam, the EU and other Southeast Asian nations, executives of the EP’s International Trade Committee (INTA) have said.
The EU-Vietnam Free Trade Agreement (EVFTA) will create ample opportunities for enterprises from both sides, heard a talk on the deal held in Flamand, Belgium on May 19.
The progress on and quality of negotiations for an EU-Vietnam free trade agreement (EVFTA) have been ensured, making the target for the conclusion of the talks feasible, Minister of Industry and Trade Vu Huy Hoang said following his working session with EU Commissioner for Trade Cecilia Malmstrom in Brussels on June 23.
Businesses need time to access trade pacts, especially the European-Vietnam Free Trade Agreement (EVFTA) which is expected to bring numerous opportunities and benefits for import-export firms.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
Dung underlined several key objectives, including a comprehensive review of the legal framework governing SOEs, and called for updates that reflect international standards and support modern, transparent governance.
While the US market has become more difficult to access due to new tax policies, Australia could play the role of a trade cushion, helping to reduce shocks and maintain export momentum for Vietnam's shrimp industry.
Vietnam Cycle Expo 2025 will coincide with the Vietnam Sport Show 2025, an international exhibition on sports and outdoor entertainment, expected to attract more than 20,000 visitors in the three-day event.
Rice for exports (Illustrative image. Source: VNA)
