VN plans to ratify trade and investment deals with EU in first half
VGP – Prime Minister Nguyen Xuan Phuc said the
Government is undertaking preparations to submit the trade and investment
deals with the European Union (EU) to the Legislature for approval during
its next working session.
Prime Minister Nguyen Xuan Phuc receives the head of the
EU delegation to Viet Nam, Ambassador Pier Giorgio Aliberti, at the Government
Office in Ha Noi on February 13, 2020. Photo: VGP
The Government chief made the above statement at his
reception for the head of the EU delegation to Viet Nam, Ambassador Pier
Giorgio Aliberti in Ha Noi on Thursday.
The Legislature's upcoming working session is
scheduled to take place between May and June.
Phuc said the recent approval of the deals by the
European Parliament on Wednesday was great news for both Viet Nam and the EU
on the occasion of the 30th founding anniversary of their diplomatic
The Government of Viet Nam will soon issue a
national action plan for serious implementation of the two agreements once
they come into effect, Phuc affirmed.
Viet Nam and the European Union signed the free
trade agreement (EVFTA) and investment protection agreement (EVIPA) in Ha
Noi on June 30, making Viet Nam the second ASEAN nation to sign this kind of
agreements with the European Union.
The EVFTA is expected to help increase Viet Nam’s
GDP by 2.18-3.25% in the 2019-2023 period, and 4.57%-5.03% in the following
The Vietnamese Ministry of Planning and Investment
estimated that Viet Nam’s export to the European Union is projected to grow
by 20% by 2020; 42.75 by 2025; and 44.37% by 2030.
At present, the EU is the 4th largest trading
partner of Viet Nam after China, the US and the Republic of Korea and the
2nd biggest importer of Viet Nam after the US./.