Announcement to come this afternoon, August 4, on completion of negotiations.
Vietnam and the European Union (EU) Delegation will announce the conclusion to negotiations over the EU - Vietnam FTA this afternoon, August 4.
Minister of Industry and Trade Vu Huy Hoang and H.E. Franz Jessen, Ambassador and Head of the EU Delegation in Vietnam, are to jointly make the announcement.
The FTA between Vietnam and the EU has been under negotiation since June 2012, with 13 formal sessions having been conducted. The goal of the negotiations has not only been about opening up markets but also investment issues, the environment, competition, and sustainable development. It’s signing will significantly impact Vietnam’s economy.
The EU consists of 27 member countries and is currently Vietnam’s second-largest trading partner. In 2014 two-way trade reached more than $36.8 billion, a 9 per cent increase compared to 2013. Exports were nearly $28 billion and imports nearly $9 billion.
A special feature of trade between Vietnam and the EU is that it is largely complementary with little competition. Major products exported to the EU are footwear, garments, coffee, furniture, and seafood.
The EU is also a major investor in Vietnam, with more than 2,030 projects to date with total registered investment capital of over $36 billion. Investors are present in almost all key economic sectors, primarily industry, construction, and services.