Vietnam has become the largest commodity trade partner of the European Union (EU) in ASEAN just one year after the EU-Vietnam Free Trade Agreement (EVFTA) took effect, Deputy Minister of Industry and Trade Dang Hoang An said on October 27.

An automobile production line (Illustrative photo: VNA)

Vietnam has become the largest commodity trade partner of the European Union (EU) in ASEAN just one year after the EU-Vietnam Free Trade Agreement (EVFTA) took effect, Deputy Minister of Industry and Trade Dang Hoang An said on October 27.

He made the remark during the Vietnam-EU Trade Forum titled "EVFTA – Leverage for Trade and Investment Cooperation in the New Normal’ jointly held by the Ministry of Industry and Trade (MoIT) and the European Chamber of Commerce (EuroCham) in Hanoi.

The two sides can be optimistic about a strong surge in the Vietnam-EU trade and investment cooperation development in the new normal, An affirmed.

Deputy Minister of Industry and Trade Dang Hoang An (Photo: VNA)

He said that the MoIT and trade offices of Vietnam in the EU will stand side by side with businesses of the two sides to maximise opportunities offered by the EVFTA, thereby creating favourable conditions to foster trade and investment and address difficulties.

Businesses are urged to take the initiative in innovating themselves, raising capacity and adjusting business strategies to quickly adapt to the new situation.

With a strong commitment to ensuring transparency, openness and favourable conditions in the trade and investment environment, Vietnam has gained access to high-quality investment sources from the EU with projects using advanced technologies.

In particular, as traditional trade methods are hindered by the COVID-19 pandemic, e-commerce has become a bright spot, becoming one of the prioritised fields in the post-pandemic economic recovery strategy.

Many domestic and foreign experts voiced their optimism about prospects for economic recovery and growth of EU-Vietnam trade and investment relations in the new normal. They also pointed out challenges in the coming time.

Vietnam was advised to build scenarios suitable for adapting to the new situation in a flexible and effective manner and seize all possible resources for economic recovery and growth, as well as address bottlenecks for businesses.

Ambassador Giorgio Aliberti, Head of the EU Delegation to Vietnam (Photo: VNA)

Ambassador Giorgio Aliberti, Head of the EU Delegation to Vietnam, said the EVFTA is projected to bolster the export of Vietnamese fruits and farm produce to the EU. However, firms have been facing obstacles in entering the EU market due to complicated procedures.

EuroCham Chairman Alain Cany stressed that the two sides need to closely cooperate with each other in resolving current issues, saying that with various advantages, Vietnam has chances in attracting new foreign investment inflows from European investors who are seeking a stable, safe, prosperous and competitive destination./.