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Free trade pact with EU would be of ‘great benefit'
Domestic and European Union companies operating in Viet Nam will benefit greatly from the planned Viet Nam-EU Free Trade Agreement (FTA), said Truong Dinh Tuyen, former Trade Minister.
Tuyen was speaking at a seminar in Ha Noi on Apr. 7 on the Viet Nam-EU FTA.
He expressed his belief that EU investment in Viet Nam would grow considerably in the near future because of the country's favourable business environment.
He added that if the FTA was signed, EU enterprises would be able to sell their products both in Viet Nam, Europe and countries that had FTAs with Viet Nam – a huge potential market.
At the seminar, Nguyen Mai, Chairman of the Viet Nam Association of Foreign Invested Enterprises (VAFIE), said the selection of partners to negotiate and sign the bilateral FTA should be based on the likely economic and social efficiency of international trade in both the short-term (2011-15) and the long-term (2011-20).
Last year, Viet Nam and the EU agreed to negotiate a free-trade agreement, marking a new milestone in bilateral relations.
The EU is one of Viet Nam's leading export markets.
It was worth US$15.4 million in 2010, up from $5.6 billion in 2005. Between 2008 and 2010, the EU accounted for 18 per cent of Viet Nam's exports.
The EU is also a leading investor in Viet Nam. It has helped finance 1,079 projects with a total registered investment capital of $16 billion.
The seminar was jointly held by VAFIE and the National Committee for International Economic Co-operation.
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