During the past three decades since the establishment of Vietnam-EU diplomatic ties in 1990, their trade and investment relations have grown steadily. Reports by the Ministry of Industry and Trade show that two-way trade turnover surged 13 folds from US$4 billion in 2000 to close to US$56 USD last year.

Vietnam shipped to the EU US$ 42 billion worth of commodities and imported goods worth US$14 billion from the highly lucrative market.

The southeast Asian nation’s export staples are garments, textiles, leather and footwear, mobile phones, computers, and agricultural products. In the first half of this year, 27 EU nations and territories invested in 3,200 projects in Vietnam totaling US$53 billion.

Hoang Quoc Vuong, Deputy Minister of Industry and Trade, said EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA) are expected to open new cooperative opportunities for businesses and people.

Miriam Garcia Ferrer, Head of the Trade and Economics Section of the EU Delegation to Vietnam, said huge trade surplus recorded in the past will turn into higher quality benefits thanks to the EVFTA, a comprehensive and inclusive agreement covering trade, tariff, technical barriers, and interests of involved parties.

She recommended that in order to benefit from tariff advantages and increase export to the EU, Vietnamese businesses have to improve product quality meeting EU standards and update market information and rules of origins.

Jean Jacques Bouflet, Vice Chairman of EuroCham Vietnam, said EU’s investment will flow in to Vietnam under EVFTA and EVIPA. He said EU businesses tend to cooperate with local businesses to build production chains, meaning Vietnamese businesses will have opportunities to join the value chains. He called on businesses to reform their management and production methods to keep abreast with EU standards for mutual benefit.