Hanoi (VNA) – The recentratification of the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-VietnamInvestment Protection Agreement (EVIPA) by the European Parliament (EP) has bothstrategic and economic importance in the relations between Vietnam and theEuropean Union (EU), Permanent Deputy Foreign Minister Bui Thanh Son has said.

In an interview granted to Vietnam News Agencycorrespondents in Paris on February 12, Son further said the ratification hasopened up new horizons for more intensive, comprehensive and effectivebilateral cooperation 30 years after the establishment of diplomatic ties.

The EP has given the green light for theimplementation of the EVFTA and created a premise for EU member states toconsider and ratify the EVIPA, he added.

The diplomat said the approval of the twoagreements with a high number of votes in favour illustrated the great importanceand high valuation EU members and parliamentarians give to the role andposition of Vietnam and the EU-Vietnam comprehensive cooperativepartnership. 

The two deals are expected to create long-termbilateral cooperation frameworks towards equality, mutual benefits, andcontributions to promoting international economic connectivity and sustainabledevelopment, Son said.

The ratification also affirmed the EU’s policyof continuously strengthening cohesion with Asia-Pacific in general and theAssociation of Southeast Asian Nations (ASEAN) in particular.

As the ASEAN Chair in 2020, Vietnam is ready topromote multi-faceted cooperation between the EU and ASEAN, he said.

The EP’s vote to ratify the EVFTA and EVIPA atthe beginning of its new tenure indicates huge mutual economic benefits, Sonsaid, adding that the EVFTA will create opportunities for EU businesses toaccess the market of a population of nearly 100 million in Vietnam and penetrateother ASEAN markets.

The approval of the first high-quality FTAbetween the EU and a developing country shows the union’s determination topromote rules-based trade and investment liberalisation. This is significant inthe context of increasing protectionism, he added.

The EP ratified the EVFTA and EVIPA onFebruary 12. The EVIPA was passed with 407 votes for, 188 against and 53abstentions; and the EVFTA, with 401, 192 and 40, respectively.

According to research by the Ministry ofPlanning and Investment, the two deals will help Vietnam increase its GDP by4.6 percent and its exports to the EU by 42.7 percent by 2025. Meanwhile, theEuropean Commission has projected the EU’s GDP to increase by 29.5 billion USDand its exports to Vietnam by 29 percent by 2035./.