2020 – part2 – 5 – 8

87/ EVFTA, EVIPA usher in a new era inVietnam – EU investment trade: EuroCham Chairman

With the ratification of the European Union-Vietnam Free Trade Agreement (EVFTA) and the European Union Investment Protection Agreement (EVIPA), Chairman of EuroCham in Vietnam Nicolas Audier said that this will usher in a new era with increased investment and trade.

On June 8, almost all National Assembly delegates voted for the ratification of the EVFTA and EVIPA. The National Assembly delegates said that the ratification will bring many benefits to thecountry, foster bilateral trade, accelerate Vietnam’s participation in the global supply chain and have mutual support, increase Vietnam’s exports of key products such as agricultural products, seafood, textiles and garments.

Chairman of EuroCham in VietnamNicolas Audier said that EuroCham appreciated the National Assembly’s vote for the EVFTA and EVIPA. The EVFTA will come into force soon, while the EVIPA will be implemented after being ratified by EU member states.

“This event marks a new beginning in the relationship between Vietnam and the EU. This historic agreement represents recognition and trust for Vietnam, when it is the second ASEAN country to which the Union signs a Free Trade Agreement,” Nicolas Audier said.

Especially, the EuroCham Chairmansaid that EVFTA will usher in a new era with increased investment and trade, starting the process of eliminating nearly 99% of tariff lines and trade barriers within the next ten years. The agreement will also open new markets for European investment and innovation, while promoting sustainable development in Vietnam.

“This plays an important role, especially in the context of trade wars and the pandemic disrupting normal business activities on an unprecedented scale, thereby, the implementation of EVFTA is more important than ever,” Nicolas Audier said.

“Free, fair and principle-based trade is the best roadmap for economic growth. Vietnam will have right to  access to a consumer market of about 500 million EU citizens who want to do business and invest in a safe and prosperous country in the heart of Asia,”the EuroCham Chairmansaid.

For the European business community in Vietnam, Mr. Nicolas Audier said that EuroChamhas beenone of the strongest supporters of the EVFTAsince the first negotiations took place. This agreement has shown the win-win solutions,  not only for European and Vietnamese businesses but also for citizens of both sides.

Therefore, to effectively implement the EVFTA, EuroCham said it and 17 sub- committeesrepresenting more than 1,000 member businesses will cooperate with Vietnam to ensure all sides can get great benefits from the EVFTA now and in the future.

Source: VCN