The approval by the Vietnamese National Assembly of the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA) is a historic achievement. It represents an extraordinary step ahead in the relations between the European Union and Vietnam, and it embodies the most appropriate way to celebrate 30 years of diplomatic relations. Giorgio Aliberti Ambassador of the European Union Delegation to Vietnam, photo VOV These new foundations provide a good basis for expanded trade and investment opportunities. Vietnam is by far the biggest exporter of goods to the EU in the ASEAN – almost twice as much as the second strongest exporter, Singapore. Unfortunately, the trade is very unbalanced: Vietnam only buys a third of the products from the EU that Singapore buys, leading to big trade deficits. Regarding FDI, the EU is the largest investor in ASEAN countries, ahead of Japan and China. However, the EU is only the fifth-largest FDI partner of Vietnam. Is this an indication that there is room for FDI growth from EU companies to invest in Vietnam and what does this imply for trade? When entering into force, the EVFTA will bring immediate positive effects for businesses in both Vietnam and Europe…. Read full this story
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