Fostering Vietnam-EU relations

Relations between Vietnam and the EU have developed rapidly since both sides established diplomatic ties in 1990. Senior leaders of Vietnam and the EU have shown desires to strengthen all-round cooperation to match untapped potential.

The 27-member bloc is currently Vietnam’s leading economic and trade partner. Two-way trade has increased considerably over the years, from US$17.75 billion in 2010 to US$24 billion in 2011 and US$18 billion in the first eight months of 2012.

It mainly imports Vietnamese footwear, garments, seafood, wood products, electronics, and consumer goods, making up nearly 80 percent of Vietnam’s total exports to Europe.

Vietnam has constantly achieved a trade surplus of between US$3-5 billion annually with the EU during the past 10 years. Its exports have shifting to increasing high-quality staples, standard food and handicrafts, while reducing the ratio of unprocessed products.   

The European Commission (EC) and EU member countries are Vietnam’s second largest bilateral ODA donor and largest non-refundable aid provider, with commitments totaling more than US$13 billion between 1996 and 2012.

Vietnam and the EU signed a partnership and cooperation agreement (PCA) in June 2012, laying a firm foundation for fostering bilateral ties.

They conducted the first round of free trade agreement (FTA) negotiations in Hanoi in October 2012.

During a visit to Hanoi in October 2012, European Council President Herman Van Rompuy praised Vietnam’s role in Southeast Asia and Asia as a whole, particularly when it is the coordinator of ASEAN-EU relations and its representative is the Secretary General of ASEAN.

The EU and its member countries want to promote ties with Vietnam in the hope of bridging EU-ASEAN ties. It testifies to the bloc’s foreign policy of shifting its relations to the Asia-Pacific region.

As a member of the European Union, Belgium has made a significant contribution to strengthening relations with Vietnam after the two countries established diplomatic ties in 1973.

Since 1992 bilateral relations have developed strongly in various areas, from politics and diplomacy to economics, development cooperation, education and training. Decentralized cooperation has been also increased, especially between Vietnam and Wallonie, Flanders and Brussels of Belgium.

The two business circles have established partnerships with priority given to developing seaport infrastructure and logistic services, transportation, green technology, health care, and education-training.  

Belgium is Vietnam’s sixth export market in the EU, with two-way trade reaching US$1.6 billion in 2011. From Belgium, Vietnamese goods are shipped to other Western European nations.   

Vietnam is Belgium’s only Asian partner of official development assistance. In education-training alone, Belgium grants 40 post-graduate scholarships to Vietnam annually.

Party leader Trong’s official trip to the EU demonstrates Vietnam’s policy of attaching great importance to strengthening ties with the European bloc.

His political visit to Belgium is expected to help promote bilateral cooperation in economics, education, science and technology. As the two countries are celebrating 40 years of diplomatic ties, both sides are considering upgrading bilateral ties in a number of areas.