The EU-Vietnam Free Trade Agreement (EVFTA) helps ensure the access of German products to Vietnam, as well as investment of German entrepreneurs into this increasingly important market, according to a German official.

German Minister for Economic Affairs and Energy Peter Altmaier.
(Source: AFP/VNA)

German Minister for Economic Affairs and Energy Peter Altmaier affirmed this after the EVFTA and the EU-Vietnam Investment Protection Agreement (EVIPA) were signed on June 30, noting that the EVFTA is an important sign of trade based on rules and anti-protectionism.

He stressed it is very important that the EU and Vietnam have agreed on very ambitious rules and high standards, especially sustainability.

Meanwhile, Volker Treier - Head of Foreign Trade at the Chambers of Commerce and Industry of Germany (DIHK), described the two just-inked pacts as a significant impetus for Germany’s economy. 

According to Treier, two-way trade between Vietnam and Germany stands at under 13 billion EUR (14.7 billion USD), and this is expected to significantly increase to 22.5 billion USD in the coming time. 

After nine years of negotiations, the EVFTA and EVIPA were officially inked on June 30.

Vietnam is the fourth country in Asia-Pacific and the second in ASEAN to have signed the deals.

Once the EVFTA takes effect, over 99 percent of tax lines on goods from both sides will be lifted.

The two agreements are of high standards and the most ambitious agreements concluded between the EU and a developing country. 

After the signing, they are expected to be submitted to the European Parliament for ratification.

Vietnam is the second largest trade partner of the EU in ASEAN with two-way trade hitting nearly 50 billion EUR (nearly 56.7 billion USD). Vietnam mainly exports telecommunications equipment, footwear and textiles, furniture and farm produce to the EU.