Enterprises should participate in the legislation process of Vietnam's commitments to the EU-Vietnam Free Trade Agreement (EVFTA) in order to make the most of it, a representative from the Vietnam Chamber of Commerce and Industry (VCCI) has said.

Illustrative image (Photo: Internet) 

According to Phung Thi Lan Phuong, the VCCI will be sharing information related to the EVFTA with businesses, while conveying recommendations it receives back to relevant State agencies about amendments to policies and laws being drawn up to implement the trade pact.

Phuong added that enterprises, business associations and investors are hoping to fully tap the benefits of the EVFTA – one of the most important new-generation FTAs ever signed – to promote export growth and institutional improvements in Vietnam.

As the largest organisation representing the Vietnamese business community, the VCCI is ready to support businesses in all issues related to FTAs, including the EVFTA.

The EVFTA and the EU-Vietnam Investment Protection Agreement (EVIPA) were ratified by the European Parliament (EP) on February 12. The agreements are expected to take effect in the middle of this year.

According to research by the Ministry of Planning and Investment, the deals will help Vietnam increase its GDP by 4.6 percent and its exports to the EU by 42.7 percent by 2025. Meanwhile, the European Commission has projected the EU’s GDP will increase by 29.5 billion USD and its exports to Vietnam by 29 percent by 2035.

The investment commitment will replace bilateral investment agreements between Vietnam and EU members, helping the country continue reforming its economic structure, fine tune the business environment and institutions, and facilitate EU investment in Vietnam.