The government will create favourable conditions for businesses to access opportunities created by the EU-Vietnam FTA, Minister of Industry and Trade Tran Tuan Anh said at a press conference after the signing of the EVFTA.

Minister of Industry and Trade Tran Tuan Anh (second from right)
at the press conference (Photo: VNA)

The minister co-chaired the international press conference with European Commissioner for Trade Cecilia Malmstrom after the signing ceremony for the EVFTA and the EU-Vietnam Investment Protection Agreement (EVIPA) on June 30. 

He urged domestic businesses to proactively study the content of the agreements and the Government’s plan of action to implement the deals. 

The minister said once the EVFTA takes effect, it will create a strong impetus for growth in exports and GDP of the sides. He forecast that bilateral trade could surge by 20 percent right in the first years after the deal comes into force.

The agreement will also create an important foundation for Vietnam to restructure its economy, enhance competitiveness and deliver its integration commitments. 

He added that besides the EVFTA, the CPTPP that took effect in Vietnam in January this year and other agreements to be signed in the future will also bring more benefits to Vietnam. 

The European Commissioner for Trade said in order for businesses to optimize opportunities brought by the EVFTA, it is important to reduce bureaucracy and support small and medium-sized enterprises.