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Friday,  Dec 15,2017,22:59 (GMT+7)

Vietnam-EU FTA may be signed next year

The Saigon Times Daily
Monday,  Dec 4,2017,18:44 (GMT+7)
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Vietnam-EU FTA may be signed next year

The Saigon Times Daily

HCMC – Vietnam and the European Union (EU) are speeding up a language and legal review so that they can sign and ratify a bilateral free trade agreement next year, the Government news website reports.

At a seminar on the EU-Vietnam Free Trade Agreement (EVFTA) held by the French employers’ association MEDEF and the Asia Centre in Paris, Deputy Minister of Industry and Trade Tran Quoc Khanh said Vietnam is completing an EVFTA implementation plan, according to the Vietnam News Agency.

The EU’s chief negotiator for EVFTA Raffaele Mauro Petriccione said the agreement would be signed and ratified no later than the end of next year. However, the ratification process may last longer than expected as the EU consists of many members.

Vietnam is the EU’s third largest ASEAN trade partner after Malaysia and Singapore, with two-way trade of 41 billion euros (US$48.73 billion) last year, Petriccione noted.

Vietnam mainly exports electronic products, textiles, footwear, rice, seafood and coffee to the EU and imports hi-tech goods, machinery and pharmaceutical products from the EU.

Petriccione said EVFTA would create new business opportunities for EU firms because Vietnam as a fast growing economy will open up its financial market and consumption market, and reform State-owned enterprises.

However, the EU requires Vietnam to manage State-run enterprises in accordance with international standards, particularly those of the Organization for Economic Cooperation and Development (OECD).

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