EU offers 15 million euros for EUMUTRAP project

(VOV) - The European Trade Policy and Investment Support Project (EUMUTRAP) aims to promote trade and investment relations between Vietnam and the European Union (EU).

Deputy Minister of Industry and Trade Le Duong Quang and Ambassador Franz Jessen Head of the EU delegation to Vietnam, have signed an agreement on financial support in the presence of State President Truong Tan Sang and the President of the European Council, Herman Van Rompuy.

The overall objective of the project is to help Vietnam achieve deeper integration into the global trade system, ASEAN and the sub-region, comprehensive economic growth and poverty reduction.

Under the project, the Ministry of Industry and Trade (MoIT) will be supported in improving its policy-making and consultancy capacity and in fulfilling related commitments to international trade exchange and investment cooperation.

The five-year EUMUTRAP project (2012-2017) is estimated at a total cost of 16.5 million Euros including 15 million sourced from the EU and 1.5 million from the Vietnamese Government.

The EU and its member countries are Vietnam’s second biggest export market and a major non-refundable aid donor with total ODA funding reaching US$ 1.01 billion in 2012.

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