VN Plans to Ratify Trade and Investment Deals with EU in First Half

10:02:53 AM | 2/17/2020

Prime Minister Nguyen Xuan Phuc said the Government is undertaking preparations to submit the trade and investment deals with the European Union (EU) to the Legislature for approval during its next working session.

Prime Minister Nguyen Xuan Phuc receives the head of the EU delegation to Viet Nam, Ambassador Pier Giorgio Aliberti, at the Government Office in Ha Noi on February 13, 2020. Photo: VGP

The Government chief made the above statement at his reception for the head of the EU delegation to Viet Nam, Ambassador Pier Giorgio Aliberti in Ha Noi on Thursday.

The Legislature's upcoming working session is scheduled to take place between May and June.

Phuc said the recent approval of the deals by the European Parliament on Wednesday was great news for both Viet Nam and the EU on the occasion of the 30th founding anniversary of their diplomatic relations.

The Government of Viet Nam will soon issue a national action plan for serious implementation of the two agreements once they come into effect, Phuc affirmed.

Viet Nam and the European Union signed the free trade agreement (EVFTA) and investment protection agreement (EVIPA) in Ha Noi on June 30, making Viet Nam the second ASEAN nation to sign this kind of agreements with the European Union.

The EVFTA is expected to help increase Viet Nam’s GDP by 2.18-3.25% in the 2019-2023 period, and 4.57%-5.03% in the following five years.

The Vietnamese Ministry of Planning and Investment estimated that Viet Nam’s export to the European Union is projected to grow by 20% by 2020; 42.75 by 2025; and 44.37% by 2030.

At present, the EU is the 4th largest trading partner of Viet Nam after China, the US and the Republic of Korea and the 2nd biggest importer of Viet Nam after the US.

Source: VGP