EVFTA offers new prospects to European economies

Illustrative image (Photo: VNA)

Hanoi – The EU–Vietnam Free Trade Agreement (EVFTA), which came into effect on August 1, not only opens up opportunities to spur Vietnam's economy but also offers new prospects to European economies at a time of global financial uncertainties, according to the German press agency DPA.

In a recent article, the agency quoted Vietnamese Prime Minister Nguyen Xuan Phuc as saying that the deal "opens up opportunities" to boost Vietnam's economy.

In an opening speech at a video conference to optimise the deal, PM Phuc urged authorities to ensure international labour standards are met and measures are taken to protect the environment. He also expressed hope that the agreement will ensure Vietnam's products meet European standards and increase jobs.

Jean-Jacques Bouflet, Vice Chairman of the European Chamber of Commerce in Vietnam, was also cited as saying that in a recent survey, 74 percent of European business leaders said the EVFTA will have a positive impact.

"Currently, worldwide business activities are seriously affected by COVID-19," Bouflet said at a trade forum on July 31. "The EVFTA will promote trade and investment, create long-term opportunities and shape the relationship between the EU and Vietnam over the next ten years."

He added that the EVFTA will provide EU enterprises with the chance to access one of the most vibrant consumer markets in Southeast Asia and compete on equal terms with other countries that have signed free trade agreements with Vietnam like Japan and the Republic of Korea (RoK), the article said.

The EVFTA has also made headlines in newspapers in Europe, which stressed great opportunities for European firms to access Southeast Asia.

Austria’s Industriemagazin.at magazine cited Secretary General of the Austrian Federation of Industrialists Christoph Neumayer as saying the agreement is another building block for domestic and European companies to gain access to important future markets. This applies in particular to Vietnam, which is part of the fast-growing ASEAN region with more than 600 million people.

Other news sites and newspapers of Germany like onvista.de, nuernberger-blatt.de and Neues Deutschland also ran articles highlighting the deal, and trade ties between Vietnam and the EU.