Minister of Industry and Trade Nguyen Hong Dien (L) and Executive Vice President of the European Commission (EC) and EU Commissioner for Trade Valdis Dombrovskis (Photo: VNA)

EU sees Vietnam as vivid demonstration of EVFTA success

Executive Vice President of the European Commission (EC) and EU Commissioner for Trade Valdis Dombrovskis said Vietnam's rise to become the bloc’s leading trade partner in ASEAN is a vivid demonstration of the success of the EU-Vietnam Free Trade Agreement (EVFTA).

Co-chairing the third meeting of the Trade Committee of the EVFTA in Brussels on December 1, Dombrovskis said the EU appreciated Vietnam's serious implementation of its obligations under the EVFTA, particularly the establishment of the Domestic Advisory Group (DAG) on sustainable development and the promulgation of the revised Labor Code and revised Intellectual Property Law.

He cited EU statistics showing Vietnam's exports to the EU are four times higher than imports, suggesting the Southeast Asian nation work harder to ensure the trade balance by focusing on the fields of labor – trade union, pharmaceuticals, the registration of cars imported from the EU, and import of EU farm produce.

The two sides reviewed the implementation of the deal in the areas relating to goods trading, animal and plant quarantine measures, trade and sustainable development, and discussed orientations to handle and cooperate in issues of shared concern.

Vietnamese Minister of Industry and Trade Nguyen Hong Dien, who co-chaired the meeting, highlighted the successful implementation of the deal in the three years since it took effect, noting his belief that once EU-Vietnam Investment Protection Agreement (IPA) is ratified by the EU, the trade relations will grow even stronger, cited VNA.

Vietnam will seriously fulfill commitments in the EVFTA, especially in the spheres of the EU’s concern, he affirmed.

The two sides also exchanged views on multilateral issues such as Indo-Pacific cooperation, World Trade Organisation (WTO) reform, and preparations for the WTO's 13th Ministerial Conference (MC13), scheduled for February 2024 in the United Arab Emirates (UAE).

This was the first in-person meeting between the two sides since the EVFTA took effect in August 2020, following meetings held online due to COVID-19 impacts. The EVFTA is one of Vietnam's first new generation FTAs, and also the first of its kind that the EU has signed with a developing country in the Asia-Pacific.

On a rotating basis, Vietnam will host the fourth meeting of the Trade Committee and other meetings of relevant specialized committees of the EVFTA next year.

Mariella Cantagalli, a senior expert from the Directorate-General for Trade (DG Trade) at the EC, told the Vietnam News Agency (VNA) that the meeting reflects the good relations between Vietnam and the EU, stressing the deal is strong enough to promote trade between the 27 EU member countries and European businesses and Vietnamese enterprises.

After the three-year implementation of the EVFTA, Vietnam's export turnover to the EU has increased by nearly 50%, according to EU statistics. Among Vietnamese exports, agricultural products such as rice, cashew nuts, pepper, and rubber have experienced the highest hikes. Meanwhile, EU exports to the country rose by over 40%, mainly machinery, spare parts, textile-garment raw materials, footwear, milk and dairy products, and confectionery.

Vietnam and UAE sign MoU on human resources cooperation

Vietnam and the United Arab Emirates (UAE) signed a memorandum of understanding on human resources cooperation in Dubai on December 1.

Signatories to the document were Vietnamese Minister of labor, Invalids and Social Affairs Dao Ngoc Dung and UAE Minister of Human Resources and Emiratisation Abdulrahman Al-Awar.

The two sides have agreed on regulations on human resource supply and recruitment; as well as on measures to combat human trafficking and control private enterprises implementing recruitment activities, to ensure fairness and transparency.

They will cooperate in training Vietnamese workers for labor recruitment in the fields that require skills, work experience and technical qualifications in the UAE.

The two sides have agreed to work closely with diplomatic missions in each country to support workers and related procedures in case of need, according to VOV.

Vietnamese Minister of labor, Invalids and Social Affairs Dao Ngoc Dung and UAE Minister of Human Resources and Emiratisation Abdulrahman Al-Awar exchange the signed document on human resources cooperation between the two countries, following the signing ceremony in Dubai on December 1, 2023.

The signing of the MoU will help the labor management agencies of both Vietnam and the UAE to better manage the execution of labor contracts, including the use of information technology, information exchange and research being carried out in the field of labor.

The MoU is expected to contribute to strengthening bilateral cooperation between Vietnam and the UAE in general and in the field of human resources in particular.

The UAE is currently Vietnam’s leading trade and investment partner in the Middle East region with a two-way trade turnover reaching approximately US$5 billion annually in recent years.

Vietnam started sending workers to the UAE in 1993, mainly doing construction work at civil and industrial sites. In 2009, the two governments agreed to sign a Memorandum of Understanding in the field of human resources.

Vietnamese agricultural products introduced at India’s expo

Vietnam’s standout farm produce and processed products are being showcased at the Indian Food Expo, which opened in Lucknow city, Uttar Pradesh state on December 1.

The three-day event draws the participation of more than 200 agricultural producers, importers and exporters in India. It offers opportunities for participants to get updates on the latest trends and innovations of the processing industry and its future, VNA reported.

Vietnam’s standout farm produce and processed products are being showcased at the Indian Food Expo. (Photo: VNA)

Machines and equipment used in food processing and packaging are also on display at the event.

India is the world’s second largest agricultural producer, and third largest economy in terms of purchasing power parity. The country’s food market is forecast to reach 535 billion USD during 2025-2026. Besides, household spending is said to triple by 2030, making it the 5th largest consumer market in the world.

The South Asian country is also the world’s second largest food processor. The government has issued an array of policies to develop the industry, allowing 100% of foreign direct investment in food processing under the automatic route.

Partners commit US$15.5 billion to Vietnam’s energy transition

International partners have pledged to mobilize initial financial resources of US$15.5 billion over the next three to five years to address Vietnam’s urgent needs for just energy transition.

The international partners group (IPG) made the commitment at the launch of the Resource Mobilization Plan (RMP) Just Energy Transition Partnership (EJTP) with Vietnam in Dubai, the United Arab Emirates on December 1 on the sidelines of the COP28 World Climate Change Summit.

The JETP Declaration was approved by Vietnam and IPG members comprising the European Union, the United Kingdom, France, Germany, the United States, Italy, Canada, Japan, Norway and Denmark within the framework of a summit commemorating 45 years of ASEAN-EU relations in Brussels, Belgium, in December 2022, cited VOV.

The launch was attended by President of the European Commission Ursula von der Leyen, ministers and representatives of many IPG member countries, and Vice President of the Glasgow Financial Alliance for Net Zero (GFANZ). Present at the ceremony were also leaders of a number of international organizations, financial institutions and international funds such as: United Nations Development Program (UNDP), World Bank (WB), Asian Development Bank (ADB), Global Energy Alliance for People and Planet (GEAPP).

Vietnamese Prime Minister Pham Minh Chinh has delivered Vietnam's commitment to realizing net zero emissions target by 2050. (Photo: VOV)

Addressing the launch, Vietnamese Prime Minister Pham Minh Chinh affirmed that just energy transition is the key to realizing Vietnam’s national energy development strategy, with the goal of achieving net zero emissions by 2050 as well as sustainable development goals.

Vietnam has recently taken very drastic, strong, and ambitious steps towards accelerating energy transition, by adopting green strategies, developing the renewable energy industry, and most recently implementing a project to develop a million hectares of high-quality, low-carbon rice, said the PM.

He requested that international partners prioritize cooperation with Vietnam in five transition areas, including developing industrial and service ecosystems in renewable energy, energy transmission and storage, economical and efficient use of energy, green energy conversion, and greenhouse gas emissions reduction in the transportation industry.

Representatives of IPG member countries highly appreciated Vietnam’s Resource Mobilization Plan to implement the JETP, and vowed to further support the country financially and technically, as well as in improving governance capacity.

The President of the European Commission Ursula von der Leyen noted that the Resource Mobilization Plan is an important mark in the JETP implementation process, demonstrating Vietnam’s commitment to energy transition. She said the EU is proud to become Vietnam’s partner in this process.

The Fair Energy Transition Partnership is one of the solutions to help Vietnam access the necessary resources in a low-carbon development roadmap that is resilient to climate change, towards net zero emissions and energy security.

Program promotes Vietnam – RoK ties

A program aiming to promote cultural exchange and connect Vietnamese businesses to their counterparts from the Republic of Korea (RoK) took place in the northern province of Thai Binh, on December 1.

The provincial People’s Committee organized a ceremony to kick off the two-day "Thai Binh Homecoming Day" program and the Red River Delta International Agriculture Fair, with the participation of former President of the RoK Lee Myung Bak, former Vietnamese President Truong Tan Sang, former Politburo member and Permanent member of the Secretariat Tran Quoc Vuong and RoK Ambassador Choi Young Sam, among others, NDO reported.

Photo: NDO

In his remarks, Chairman of the People’s Committee Nguyen Khac Than briefed the participants on Thai Binh’s traditional culture, saying the events are set to facilitate the access of Korean firms and investors to the Vietnamese market and Thai Binh, as well as create an opportunity for domestic enterprises to expand their partnership networks and promote their products.

Thai Binh hopes for stronger relations between both countries and peoples, with more opportunities for cultural exchanges between the two sides, he continued.

This is the first time Thai Binh has organized such important events honoring the traditional cultural values of the RoK and Vietnam and the province in particular.

Notably, the fair, part of the national trade promotion program 2023, features more than 400 booths by over 220 domestic and foreign businesses, about half from the RoK.

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