Trade Promotion and Investment Attraction Between EU and Ben Tre Boosted

The seminar looks to boost cooperation between Vietnamese localities and EU. Photo: baoquocte.vn

The Ministry of Foreign Affairs on Dec. 12 held a seminar to discuss measures to further foster cooperation between several Vietnamese localities and the EU, VNA reported.

In his opening remarks, Deputy Minister of Foreign Affairs Nguyen Minh Vu said that Vietnam has an important position in the global and regional policies of the EU. The EU-Vietnam Free Trade Agreement (EVFTA), which officially took effect in August 2020, has brought Vietnam many great advantages in promoting cooperation with the EU.

However, the value of Vietnam's exports to the EU is still modest, accounting for only 2% of the bloc's total import turnover, while the country's attracted investment has yet to be commensurate with its potential, Vu said, adding that there remains large room for Vietnam to enhace cooperative ties with Europe.

Delegates said that the reason behind the modest cooperation outcomes is mainly because Vietnam has not met the EU's standards of labour, environment, logistics costs and large transportation. The country still has limited awareness of the market potential, and its product quality and production progress have not met the requirements of a strict market like the EU.

The event was held on the occasion of heads of Vietnamese representative offices overseas returning home to attend the 31st Diplomatic Conference and the 20th National Conference on Local Diplomacy. Photo: baoquocte.vn

To increase the efficiency of cooperation between localities and the EU, they stressed the need to change the mindset on the approach method, increase investments in market research to build export orientations and attract the EU’s investment more effectively.

Ambassadors said that Vietnam’s representative offices in the EU will act as bridges, and provide helpful information about the market and potential projects and coordinated closely with localities to promote their collaboration with the EU.

Ben Tre province, the Vietnamese Embassy in Belgium and Luxembourg, and the Vietnamese Delegation to the EU sign a Memorandum of Understanding on cooperation. Photo: baoquocte.vn

Within the framework of the event, the People's Committee of southern Ben Tre province, the Vietnamese Embassy in Belgium and Luxembourg, and the Vietnamese Delegation to the EU signed a Memorandum of Understanding on cooperation to support trade promotion and investment attraction between the EU and Ben Tre in a number of fields, especially high-tech agriculture, renewable energy, saltwater treatment technology, and tourism.

Trade turnover between Vietnam and the EU reached USD 50 billion last year, and grew by 4.5% in the last five months of 2020, despite the impact of the Covid-19 pandemic.

Ben Tre is expected to outlay more than VND 50 billion (USD 2.19 million) for trade promotion activities from now to the end of 2025 under a programme recently approved by its provincial authorities, according to Nguyen Minh Canh, vice chairman of the provincial People’s Committee.

The province invested VND 31.5 billion (USD 1.37 million) in trade promotion activities in the 2016-2020 period, resulting in a growth of 11.7% in the trade sector and an increase of 16.31% of export turnover per year.

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