Seminar discusses Vietnam-EU FTA
(VOV) - A seminar was held in the central city of Danang on January 16 by the Vietnam Chamber of Commerce and Industry (VCCI) to discuss the contents of the Vietnam-EU Free Trade Agreement (FTA) that Vietnamese businesses need to consider.
The event was attended by representatives from the Ministry of Industry and Trade (MoIT), craft associations and major businesses having trade ties with EU member countries, and consulting experts from the European Trade Policy and Investment Support Project (EU-MUTRAP).
The European Union (EU), one of Vietnam’s top economic, trade and investment partners, has become the country’s biggest export market with total turnover estimated at US$20 billion in 2012, up 22 percent over 2011, and accounting for nearly 18 percent of Vietnam’s overall exports.
In his speech, Bui Huy Son, Head of the MoIT’s Asian Pacific Market Department said the first round of Vietnam-EU FTA negotiations officially started in October 2012 and the next four rounds will be held this year.
The signing of the Vietnam-EU FTA is forecast to bring not only benefits but also difficulties and challenges to Vietnamese businesses. As Vietnam’s important partner, potential market and FDI provider, the EU will help the country ensure its sustainable economic growth, Son said.
Participants in the seminar were briefed on the Vietnam-EU FTA and its possible impacts on the sectors of the national economy, as well as opportunities and challenges facing Vietnam after the signing of the FTA with the EU.