Vietnamese Ambassador to the Kingdom of Belgium, Head of the Vietnamese Delegation to the European Union (EU), Nguyen Van Thao. (Photo: Huong Giang/VNA)

Speaking to a VNA reporter in Brussels, Vietnamese Ambassador to Belgium and Head of the Vietnamese Delegation to the European Union (EU), Nguyen Van Thao, said the Vietnam-EU Free Trade Agreement (EVFTA) is an important milestone in the history of cooperation between Vietnam and the EU, especially in the context of the world experiencing many complex changes.

“We can say that when the EVFTA comes into effect, the world, the region and Vietnam are all facing unprecedented challenges such as the COVID-19 pandemic, geopolitical conflicts and the increasing trend of protectionism and restrictions on free trade,” Ambassador Nguyen Van Thao shared.

However, despite this unfavorable context, the EVFTA has proven to be extremely effective. Vietnam has become the EU’s largest trading partner in ASEAN, while the EU has become Vietnam’s fourth largest trading partner.

This result is not only reflected in numbers but also affirms Vietnam's increasingly high position in the global value chain, especially in strong products such as electronics, textiles, and footwear.

Notably, Ambassador Nguyen Van Thao especially emphasized the role of the agricultural, forestry and fishery sector, as Vietnam's agricultural and aquatic products have achieved strong growth in the EU market.

“When we boost the export of these products, it not only affirms Vietnam’s unique potential, but also shows that we are not directly competing with the EU in these areas. More importantly, these are products that have a profound impact on socio-economic development, especially in rural areas,” the Ambassador emphasized.

However, according to Ambassador Nguyen Van Thao, there is still a lot of room for development. Although there have been encouraging results in the past 5 years, to truly take advantage of the EVFTA, Vietnam needs to do more.

In the ASEAN region, only Vietnam and Singapore are the two countries that have free trade agreements with the EU, and Vietnam can fully take advantage of this "golden" period to affirm its position and firmly establish a foothold in this demanding but potential market.

Besides its role in promoting exports, EVFTA also opens wide the door for attracting high-quality investment from Europe to Vietnam.

This will be an important factor to help Vietnam's economy develop more sustainably, adapt better to global trends such as climate change, green transformation, digital transformation and increasing requirements for environmental standards.

Ambassador Nguyen Van Thao expressed his belief that with the established cooperation foundation, along with the strong commitment from both sides in pursuing free, fair and rule-based trade, the EVFTA will continue to be a key tool to promote the Vietnam-EU strategic partnership in the coming time.

“In the context of increasing protectionism, the fact that both Vietnam and the EU advocate promoting the diversification of economic cooperation is a key factor. Without agreements like the EVFTA, expanding cooperation will certainly face many barriers. The EVFTA is a favorable condition for us to diversify trade relations, expand supply chains and affirm Vietnam's role in the region,” Ambassador Nguyen Van Thao analyzed.

The Ambassador also likened the EVFTA to a "highway" for economic and trade cooperation between Vietnam and the EU, but at the same time warned that such a highway would only be effective if Vietnamese businesses were equipped with "good machines," that is, a deep understanding of the European market, laws, consumer culture, and partner ecosystem.

If we only operate with an old, unprepared mindset, it will be difficult to take full advantage of the potential that this agreement brings./.

According to vietnamplus.vn

Source: https://huengaynay.vn/kinh-te/5-nam-thuc-thi-evfta-be-phong-de-viet-nam-but-pha-tai-thi-truong-chau-au-156262.html