Vietnam Maps out Plan to Foster Ties with EU

3:26:42 PM | 7/8/2005

Vietnam Maps out Plan to Foster Ties with EU

Vietnam will attempt to build an equal partnership, and long-lasting and comprehensive ties with the European Union (EU) in the interest of peace and development through 2010 and orientation toward 2015, according to a master plan on Vietnam-EU relationship and a Government action plan on developing the cooperation.

The plan, which was approved by Prime Minister Phan Van Khai on June 14, contains information on the formation, development and major policies of the EU, and includes an assessment of the actual situation of Vietnam-EU relations.

In the action plan, the prime minister defined the responsibility of ministries, branches of activities and localities in dealing with domains such as political relations, foreign affairs, trade promotion, trade of goods, trade of services, official development assistance (ODA) and foreign direct investment.

Relevant ministries and agencies are asked to submit their own schemes on ways to carry out their assignments to the Prime Minister on September 30 at the latest.

The Government Plan of Action on development of Vietnam-EU relations will be renewed after two years of implementation, Khai said. He also added that the National Committee for International Cooperation would be responsible for assessing the implementation of and making necessary adjustments to the Government action plan.

The EU is Vietnam's largest trading partner with bilateral turnover reaching USUS$7.3 billion last year, an increase of 20 per cent against 2003. The value included USUS$5.1 billion worth of Vietnamese exports.

To date, member countries of the EU have invested EUR6.8 billion in 445 projects in Vietnam.

The organization has disbursed EUR246 million (USUS$241 million) of ODA to Vietnam, making it the second largest ODA provider to the nation, and had pledged to grant EUR238.6 million (USUS$233.8 million) to Vietnam as at late 2000.

Last October, Vietnam and the EU signed a bilateral agreement on EU recognition of Vietnam's entry into the World Trade Organization (WTO) in Hanoi.