VN, European business discuss FTA pros, cons

Tuesday, Oct 27, 2015 08:05

Last year, the EU was Viet Nam's second biggest export market and trade partner. — Photo

HCM CITY (Biz Hub) — The Viet Nam-EU Free Trade Agreement is expected to offer opportunities for Viet Nam and its small- and medium-sized enterprises but local businesses and governments must become more aware of the FTA's requirements, Deputy Minister of Foreign Affairs Le Hoai Trung has said.

Trung spoke to representatives of local and international enterprises during a seminar held yesterday in HCM City about the new Viet Nam-EU FTA.

At the seminar organised by Viet Nam Ministry of Foreign Affairs, Eurocham, and EU- Viet Nam Business Network (EVBN), Trung said local governments should offer better information access to companies and help them compete in the new trading climate.

Miriam Garcia Ferrer, head of the Trade and Economic Section of the Delegation of the EU to Viet Nam, said the FTA would bring benefits to both countries.

In 2012, Viet Nam and the EU signed an agreement on comprehensive cooperation relations. Also in the same year, the VN-EU FTA negotiations began, with conclusion this year.

Last year, the EU was Viet Nam's second biggest export market and trade partner. About 900 European enterprises invest in Viet Nam, the largest number of any country in Southeast Asia.

At the seminar, representatives of companies discussed the benefits of the FTA, and the level of awareness of the FTA of local governments and enterprises.

A representative from the Ministry of Foreign Affairs during the meeting signed two MOUs with Eurocham and EVBN to strengthen cooperation between European companies and localities in Viet Nam, and support Vietnamese enterprises during international integration. — VNS

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