EVFTA Agreement, orientation of Vietnam - EU strategic cooperation in the new period

Hiệp định EVFTA, định hướng hợp tác chiến lược trong giai đoạn mới

Deputy Minister Nguyen Minh Hang affirmed that the EVFTA has many political, strategic and socio-economic significance for both Vietnam and the EU.

This event is part of a series of activities celebrating the 35th anniversary of diplomatic relations between Vietnam and the EU.

The workshop was attended by nearly 350 delegates, including leaders of the European Commission, the European Parliament, key EU trade agencies, ambassadors and representatives of several ASEAN embassies and partners in Brussels, prestigious research institutes in Belgium and the EU, 80 associations, trade promotion centers, Belgian and EU businesses.

On the Vietnamese side, there were leaders of the Ministry of Foreign Affairs, the Ministry of Agriculture and Environment , representatives of the Ministry of Industry and Trade, the Ministry of Science and Technology, leaders of Ho Chi Minh City, Hue City, the provinces of Bac Lieu, Phu Yen, Quang Binh, Quang Ninh, Vinh Long, Ninh Binh and 35 Vietnamese enterprises. On the Vietnamese community in Europe side, there were 36 delegations of organizations, associations, and many Vietnamese enterprises in European countries attending the Workshop.

Speaking at the opening ceremony of the workshop, Deputy Minister of Foreign Affairs Nguyen Minh Hang affirmed that the EVFTA has multifaceted significance in terms of both political strategy and socio-economics for both Vietnam and the EU. The EVFTA further strengthens the strategic trust between Vietnam and the EU over the past 35 years and is an important tool to connect the two continents. According to Deputy Minister Nguyen Minh Hang, the EVFTA is considered a "modern highway" that strongly promotes trade relations between the two sides. The agreement also contributes to enhancing Vietnam's position as an attractive investment destination in the region. The commitments in the agreement, especially on intellectual property, environment, labor and sustainable development, have promoted institutional reform and improved Vietnam's legal system according to international standards, thereby creating a more transparent and open business environment.

Speaking at the workshop, delegates agreed that the EVFTA has contributed to enhancing Vietnam's position as an attractive investment destination in the region.

Deputy Minister Nguyen Minh Hang emphasized that after more than 40 years of renovation, the country is entering a new stage of development. To achieve the set goals, new thinking, new vision and new approaches are needed. Vietnam is committed to comprehensive reform with the highest political determination and great consensus of the entire nation. In particular, four major resolutions will contribute to bringing the country to a breakthrough in the new era. These are breakthroughs in science, technology and innovation development and national digital transformation; private economic development; extensive institutional reform; proactive international integration in the new situation.

At the workshop, speakers discussed the impact of the EVFTA on Vietnam and the EU as well as bilateral relations over the past 5 years, achievements and shortcomings, and lessons learned. At the same time, they assessed the new international and regional context, thereby proposing a number of solutions to promote more effective implementation of the EVFTA in the next 5 years 2025-2030.

Notably, at the workshop, the Vietnamese Embassy in Belgium and the Vietnamese Delegation to the European Union introduced the research report “Evaluating 5 years of implementing the EVFTA Agreement” with analysis and comments from the EU’s perspective. Ambassador Nguyen Van Thao emphasized that, over the past 5 years, the EVFTA has proven its role as an important economic cooperation tool, especially in the context of the world facing many major fluctuations right after the Agreement came into effect, such as the Covid-19 pandemic and increasing geopolitical tensions.

At the workshop, speakers discussed the impact of the EVFTA on Vietnam and the EU as well as bilateral relations over the past 5 years.

The EVFTA not only strongly promotes trade and investment relations between Vietnam and the EU, but also contributes to minimizing disruptions to the global supply chain. However, the Ambassador also said that, in addition to the positive results achieved, the potential for bilateral cooperation between Vietnam and the EU as well as the room to exploit the EVFTA is still very large and needs to be further promoted effectively in the coming time.

Ambassador Nguyen Van Thao emphasized that the partnership between Vietnam and the EU is facing many great opportunities thanks to three outstanding advantages. First of all, the two sides have built a solid foundation of cooperation and high strategic trust over the 35 years of establishing diplomatic relations. Important agreements such as EVFTA and EVIPA are testament to the shared vision in promoting a comprehensive partnership. Second, the economic structures of Vietnam and the EU are complementary rather than competitive, helping to expand the space for cooperation, especially in the context of the global need to diversify supply chains. Third, both sides have shown strong interest and commitment to the bilateral relationship. The presence of more than 1,400 EU businesses operating in Vietnam and recent high-level visits from EU member states have affirmed Vietnam's increasingly important role in the EU's regional strategy.

Delegates said that EVFTA will continue to be a key driving force to help elevate Vietnam-EU relations, towards a substantive and comprehensive strategic partnership in the new development stage.

To effectively promote the above advantages, Vietnam and the EU need to focus on five pillars of strategic cooperation. The first pillar is the consensus in supporting a rules-based multilateral trading system, ensuring fairness, transparency and sustainability. The second pillar is a joint effort to diversify cooperation and international integration, with Vietnam currently a partner in 17 free trade agreements and playing a central role in the EU's Indo-Pacific Strategy. The third pillar is to strengthen cooperation in high value-added areas such as science, technology, and innovation, where the EU has strengths and Vietnam has urgent development needs. The fourth pillar is institutional reform, infrastructure and human resource development, helping to improve competitiveness and the investment environment in Vietnam. Finally, the fifth pillar is to promote investment from the EU, not only in scale but also in depth, contributing to strengthening economic cohesion and sustainable development.

Based on the achievements and clear cooperation orientation, EVFTA will continue to be a key driving force to help elevate Vietnam-EU relations, towards a substantive and comprehensive strategic partnership in the new development stage.

Ms. Maria Martin-Prat De Abreu, Deputy Director General in charge of Trade and Economic Security of the Directorate General for Trade, European Commission, affirmed that Vietnam and the EU currently share many common priorities and development orientations, especially in areas such as green growth.

Sharing their views with Deputy Foreign Minister Nguyen Minh Hang and leaders of ministries, sectors and localities of Vietnam, the two honored guests of the Workshop - Mr. Iuliu Winkler, Vice Chairman of the International Trade Committee of the European Parliament, Rapporteur on Vietnam - EU trade relations, and Ms. Maria Martin-Prat De Abreu, Deputy Director General in charge of Trade and Economic Security of the Directorate General for Trade, European Commission - both affirmed that Vietnam and the EU are currently sharing many common priorities and development orientations, especially in areas such as green growth, enhancing competitiveness and sustainable development, with a focus on high technology.

The two speakers emphasized that EVFTA not only brings bilateral benefits but is also one of the EU's successful free trade agreements. Although there are still some difficulties and obstacles in the implementation process, the EU expressed its hope that with the existing solid partnership foundation, together with EVFTA, the two sides will continue to expand cooperation, especially in the fields of trade and investment. On the occasion of the 35th anniversary of diplomatic relations, the EU hopes to work with Vietnam towards upgrading the relationship to a Comprehensive Strategic Partnership. The EU also reaffirmed its commitment to being a reliable partner, ready to cooperate closely with Vietnam to promote free trade and improve the effectiveness of EVFTA implementation in the coming time.

Speaking at the workshop, many speakers from research organizations and representatives of the EU and Belgian business community - such as the European Institute for Asian Studies (EIAS), EuroCham Vietnam - expressed their appreciation for Vietnam's outstanding socio-economic development achievements in recent times. The consensus was that Vietnam is not only an important partner but also one of the priority markets of the European Union in its strategy to expand regional economic and trade cooperation.

The workshop is not only an opportunity for Vietnam and the EU to look back on the past, but also a practical opportunity for the two sides to discuss and identify cooperation priorities in the next stage of development.

Representatives of prestigious industry associations and trade promotion centers such as the European Federation of the Sports Industry (FESI), the European Liaison Committee for Agricultural and Agri-Food Trade (CELCAA), the European Wine Companies Association (CEEV)... all stated that more and more European enterprises are showing strong interest and desire to expand investment and business cooperation with Vietnam. The speakers also made many recommendations to improve the efficiency of exploiting the EVFTA Agreement, bringing practical benefits to the business communities of both sides. Notable among these are proposals related to improving the investment environment, cutting administrative procedures, facilitating travel, increasing investment in infrastructure and high technology, as well as promoting the public-private partnership (PPP) model.

At the end of the workshop, delegations from ministries, sectors, localities and the Vietnamese business community had a working session, connecting and exchanging directly with industry associations, enterprises and trade promotion centers in Belgium and the EU - including enterprises run by overseas Vietnamese - to expand investment and trade cooperation opportunities in the coming time.

The workshop “EVFTA Agreement: Results of implementation over the past 5 years and directions for more effective utilization in the new situation” is not only an opportunity for Vietnam and the EU to look back on the past, but also a practical opportunity for the two sides to discuss and identify cooperation priorities in the next development stage. The in-depth, frank and constructive exchanges between policy makers, business representatives, scholars and the Vietnamese community in Europe have contributed to strengthening strategic trust and deepening the Vietnam - EU relationship.

With a solid foundation built over the past 35 years and political determination from both sides, the EVFTA will continue to play an important role in promoting the bilateral economic and trade relations to develop substantially, in a balanced and sustainable manner. This event is an important stepping stone towards the goal of elevating the Vietnam - EU relationship to a comprehensive strategic partnership in the coming time, for the common interests of the people of both sides, for peace, stability and prosperity of the region and the world.

Source: https://baoquocte.vn/hiep-dinh-evfta-dinh-huong-hop-tac-chien-luoc-viet-nam-eu-trong-giai-doan-moi-316948.html