Vietnam, EU move to finalise EVFTA ratification

Vietnam and the European Union (EU) are working to finalize legal and language – related issues for the EU-Vietnam free trade agreement (EVFTA) towards the official signing and ratification of the trade deal next year, said Deputy Minister of Industry and Trade Tran Quoc Khanh. 

At a workshop on the EVFTA held by the French Business Federation (MEDEF) and the Asia Centre in Paris on December 1, Khanh emphasised the common goal of the two sides to effective implement the agreement after it is inked, adding that the Vietnamese Government is outlining a specific plan for the application of the agreement. 

For his part, Chief of the negotiation delegation of the EVFTA Raffaele Mauro Petriccione noted that the approval process of the agreement could take a long time because the EU is a trade bloc with many members. 

Participants to the workshop appreciated Vietnam’s active foreign economic-trade policy and highlighted Vietnam’s leading role in recent global events, especially the Asia-Pacific Economic Cooperation (APEC) forum in Da Nang, Vietnam.

According to Marie-Christine Pocin, a senior advisor from France’s Ministry of Economy and Finance, Vietnam has a consistent policy of integrating its economy into the global trade and the country has been developing various fields to promote poverty reduction.

Vietnam plays a positive role in the process of regional economic integration, she stressed.

Nguyen Dinh Cung, Director of the Central Institute for Economic Management (CIEM), highlighted the importance of the EVFTA in Vietnam’s integration process. 

The trade deal brings great benefits to the country as it is estimated to generate an additional 2.5 percent to Vietnam’s GDP by 2020 and 4.6 percent by 2025, he said.

The agreement is expected to help increase Vietnam’s export to the union, while creating new jobs for Vietnamese labour force, especially those working in rural and agricultural areas. 

It would also make it easy for Vietnam to import important technologies as well, which would help improve the country’s economy rankings. 

Vietnam is the third largest trade partner of the EU in ASEAN, with trade hitting 41 billion EUR (48.7 billion USD) in 2016.

Vietnam mainly exports electronics, textiles, footwear, rice, seafood, and coffee to the EU, while importing hi-tech products, industrial machines and pharmaceutics.-VNA

Chairwoman’s Singapore, Australia trip concludes NA’s eventful year

VNA SUNDAY, DECEMBER 03, 2017 - 15:41:00 PRINT

National Assembly Chairwoman Nguyen Thi Kim Ngan (L) and Singaporean Prime Minister Lee Hsien Loong (Photo: VNA)

Hanoi (VNA) – National Assembly (NA) Chairwoman Nguyen Thi Kim Ngan wrapped up official visits to Singapore and Australia from November 26 to December 2, concluding a year full of diplomatic activities of the Vietnamese parliament.

Chairman of the NA’s Committee for External Relations Nguyen Van Giau made the remark in an interview with Vietnam News Agency following the trips by the top legislator.

Giau said the Singaporean leaders showed their respect for Chairwoman Ngan’s visit and congratulated Vietnam on the successful organisation of the APEC Economic Leaders’ Week in Da Nang city.

The leaders of Singapore affirmed that their country’s businesses want to expand operation in Vietnam. They spoke highly of Vietnam’s investment environment, especially political and policy stability which has enhanced investors’ trust.

As part of the visit, a business-to-business seminar attracted 190 enterprises of Singapore, three times higher than the expected number. They voiced their interest in investing renewable energy and hi-end resorts while proposing cooperation in education and urban development.

The trip to Singapore was significant to reinforcing the two countries’ strategic partnership and discussing ways to bolster parliamentary ties. 

The two sides agreed to make regular visits by high-ranking delegations, parliamentary agencies, and friendship organisations, thereby bringing into play the fine outcomes of their strategic partnership, Giau noted.

He said during the tour of Australia, the two sides straight forwardly looked into a number of issues so as to boost mutual understanding. Notably, Senate President Scott Ryan invited NA Chairwoman Ngan and the Vietnamese delegation attended a hearing of the Australian Senate.

The Australian leaders expressed their delight that Prime Ministers Nguyen Xuan Phuc and Malcolm Turnbull agreed to lift the two countries’ relationship to a strategic partnership in the near future. They said since diplomatic ties were set up nearly 45 years ago, Vietnam-Australia relations have developed unceasingly.

NA Chairwoman Nguyen Thi Kim Ngan is welcomed at Fairbairn airport in Canberra (Photo: VNA)

Vietnam is now the 15th biggest trade partner and ranks fifth among sources of foreign students in Australia. The number of Australian students in Vietnam has also increased rapidly over the last three years, from 161 in 2015 to 340 in 2017, and the figure is expected at more than 700 next year, Chairman Giau said, describing them as dynamic young ambassadors in the future.

The Australian side also assessed Vietnam as a potential country for cooperation, especially in tourism. Foreign Minister Julie Bishop said 260,000 Australian tourists visited Vietnam in 2016, and the number will grow strongly in the time ahead as the Southeast Asian nation is home to many famous landscapes like Ha Long Bay, Trang An landscape complex, and Son Doong Cave that suit the demand of Australian people.

During the visit, the host leaders also showed their interest in the East Sea issue. Minister Bishop said the Foreign Ministry of Australia recently released the White Paper, which also touches upon the problem.

The Australian leaders expressed their consistent viewpoint that all issues relevant to the East Sea must be handled with respect to law and compliance with international commitments and law, especially The Hague tribunal’s ruling on a related lawsuit last year.

Bishop said although Australia does not have interests pertaining to disputes in the East Sea, it wants other countries to ensure the freedom of navigation. Governor–General Peter Cosgrove also showed a clear stance on this problem.

Political-diplomatic ties between Vietnam and Australia has been promoted at all levels, Giau said, noting that Speaker of Australia’s House of Representatives Tony Smith is scheduled to visit Vietnam in March 2018. Later, the Australian Governor-General will also come to Vietnam after Prime Minister Nguyen Xuan Phuc makes an official trip to Australia next year.

Mutual visits by parliamentary leaders of Vietnam and other countries left a good impression of the NA’s relations with parliaments around the globe, thereby helping to realise diplomatic targets set in the country’s development and integration into the world, Giau added.-VNA

Vietnam, EU move to finalise EVFTA ratification, vietnam economy, business news, vn news, vietnamnet bridge, english news, Vietnam news, news Vietnam, vietnamnet news, vn news, Vietnam net news, Vietnam latest news, Vietnam breaking news
 
*
*
*
  Send