Vietnam works to promote trade, investment, agricultural cooperation with EU

NA Chairman Vuong Dinh Hue witnesses the signing of cooperation agreements between Vietnam and Belgian and EU firms (Photo: VNA)

Hanoi – During the recent Europe trip, National Assembly Chairman Vuong Dinh Hue and leaders of three ministries conducted many activities to promote trade, investment and agricultural cooperation with European countries and proposed the European Commission (EC) consider removing the “yellow card” on Vietnam's fisheries sector.

The NA leader and members of the Vietnamese high-ranking delegation lobbied competent agencies of the European Council and the European Parliament (EP) as well as European partner to hasten the parliaments of European countries and the EP to soon ratify the EU-Vietnam Investment Protection Agreement (EVIPA). So far, only eight out of 27 EU member parliaments have approved the deal.

The Vietnamese delegation spread the message that investing in Vietnam means penetrating the over 600-million-strong ASEAN market and the broader Asian market of 5 billion population, as Vietnam has been a full member of 17 new generation free trade agreements (FTA).

Minister of Industry and Trade Nguyen Hong Dien underlined that once the EVIPA is ratified and implemented, the trade of goods between the two sides will be increased and two-way trade between Vietnam and the EU will become more balanced.

Meanwhile, Minister of Planning and Investment Nguyen Chi Dung said European investors are interested in the supply of hi-tech products based on digital platforms in connection with technology transfer.

Regarding agricultural partnership, Minister of Agriculture and Rural Development Le Minh Hoan said that through working sessions with agricultural chiefs of European countries, opportunities are expected to open up for Vietnam to promote the export of farm produce to the EU.

He proposed a number of initiatives to strengthen cooperation with EU partners in research, personnel training and innovation in the future, along with collaboration in forestry and the development of co-operatives, circular economy and bio-economy. Specific cooperation frameworks will be issued in the time to come, he added.

Meanwhile, during high-level meetings, when NA Chairman Hue mentioned the removal of the EC's "yellow card", the EP President and European Council President underlined that Vietnam's legal regulations regarding the prevention and fight against illegal, unreported and unregulated (IUU) fishing are relatively sufficient. However, they pointed out a number of problems in the implementation of the regulations in some localities of Vietnam, expressing their hope that Vietnam will soon deal with the issue.

Recently, Prime Minister Pham Minh Chinh chaired an online meeting with localities on IUU fight and measures to lift the the "yellow card". The efforts manifest Vietnam’s high determination to remove the warning.