EC Official Hails Vietnam as A Model in Trade Cooperation

At the meeting between the ASEAN Brussels Committee (ABC) and European Commission Executive Vice-President (EVP)/ European Commissioner for Trade Valdis Dombrovskis. Photo:VNA

The EU regards Vietnam as a significant partner in the region and a prime example of successful trade co-operation, particularly following the enforcement of EU-Vietnam Free Trade Agreement (EVFTA), VNA reported.

Valdis Dombrovskis, European Commission Executive Vice-President (EVP) and European Commissioner for Trade, made this statement at a recent meeting held with the ASEAN Brussels Committee (ABC). Also in attendance was Vu Thu Thuy, Deputy Ambassador of Vietnam in Belgium, who represented the Vietnamese Delegation.

Since the EVFTA took effect, although the international and regional context has fluctuated due to conflicts, epidemics, and supply chain disruptions, two-way trade between the nation and the bloc has continued to thrive with an impressive growth rate of more than 30% year.

Thuy therefore suggested that both sides continue to closely co-ordinate, effectively implement existing agreements, and expand ties to other promising fields such as the circular economy, green energy, smart agriculture, and digital economy.

She went on to express her wish that the EU would strive to further increase high-quality investment in the Vietnamese market, whilst supporting the nation in transferring modern technology whilst improving capacity moving forward.

At the meeting between the ASEAN Brussels Committee (ABC) and European Commission Executive Vice-President (EVP)/ European Commissioner for Trade Valdis Dombrovskis. Photo:VNA

Addressing ASEAN-EU relations and new EU policies, the Vietnamese diplomat emphasized that as an active member of ASEAN and having signed several FTAs and other important agreements with the EU, the Vietnamese side stands ready to boost co-operation, share experience, and work towards the common goal of the whole bloc.

In addition, the nation is fully committed to promptly seizing opportunities and leveraging the great potential for future collaboration between ASEAN and the EU.

Thuy proposed that the EU and ASEAN further capitalise on existing co-operation channels, frameworks, and forums to hold frank exchange and promote effective linkages. This should be taking into account characteristics and development level of each party, in line with the spirit of co-operation for the cause of mutual benefits.

Valdis Dombrovskis, European Commission Executive Vice-President (EVP) and European Commissioner for Trade. Photo: VNA

In response, Dombrovski stated that the EU would further increase investment in Vietnam, focusing on crucial areas such as just energy transition and sustainable development.

He highlighted that ASEAN is an important partner of the EU as it is the bloc’s third largest trading partner, whilst the EU is also ASEAN's third largest trading partner.

Recognising the similarities in interests and policies reflected in the EU's Indo-Pacific strategy and the ASEAN Outlook on Indo-Pacific (AOIP), the two blocs still have huge potential and advantages to expand ties, especially in the fields of economy, trade, and investment.

Looking ahead, the EC Vice President proposed that the two sides continue to effectively and fully implement the existing FTAs between the EU and the two ASEAN member states, including Singapore and Vietnam.

In a related news, Minister of Foreign Affairs Bui Thanh Son met with official of the EC on the sidelines of the Organisation for Economic Cooperation Development (OECD) Ministerial Council Meeting 2023 in Paris on June 8.

Foreign Minister Bui Thanh Son (R) and EC Executive Vice President Valdis Dombrovskis in Paris on June 8. Photo: VNA

At the meeting with Dombrovskis, Son called on the EC to promote the EVIPA ratification by the parliaments of member countries to create breakthrough in bilateral investment, and soon remove the “yellow card” warning against illegal, unreported and unregulated (IUU) fishing for Vietnam’s fishery exports.

He also asked both sides to work closely to implement the commitments under the Just Energy Transition Partnership (JETP) to help with energy transition in Vietnam.

Dombrovskis said Vietnam is an important partner of the EU in Asia-Pacific and recommended the two sides step up connections in trade, investment, and climate change response. He also took note of Vietnam’s proposal for accelerating the EVIPA ratification.

The Vietnamese and EC officials expressed their delight at the progress in the Vietnam - EU comprehensive partnership and cooperation, particularly in economic affairs, and agreed to further increase high-level mutual visits. They also discussed the possibility of expanding ties in other aspects such as labour, health care, and pharmaceuticals.

Regarding the East Sea issue, they affirmed support for the peaceful settlement of disputes on the basis of international law.

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