European firms optimistic with EVFTA

The EU – Vietnam Free Trade Agreement (EVFTA) and the EU – Vietnam

 Investment Protection Agreement (EVIPA) were officially signed in Hanoi on

 June 30 afternoon, in the witness of Prime Minister Nguyen Xuan Phuc,

 Vietnamese National Assembly and Government leaders, and leaders of the

 EU. (Photo: VNA)

In an interview granted to the Vietnam News Agency on June 30, Pascale said the deal would exert positive impact on Europe’s farm produce.

The EU hopes to get complete tax exemption on dairy products as stated in the agreement so that EU exporters can compete in an equal footing with New Zealand and hold competitive advantage over US rivals, she noted. 

According to Pascale, EU businesses welcome the EU’s commitments to providing technical support for Vietnam in sanitary and phytosanitary measures (SPS), and food safety issues. 

She said once the deal becomes effective, it will promote trade activities in nuts, coffee, tea and seafood, and affirmed that the European agri-food sector will urge the European Parliament (EP) to ratify the agreement so that it will be put into force in early 2020. 

Meanwhile, Pierre Grönin, head of the Brussels Office of German Chemical Industry Association, said Vietnam can meet requirements of the European market and import many products from the EU, especially chemicals. Therefore, the two sides supplement each other economically.

During the negotiations of the pact, European investments in Vietnam increased sharply, helping raise the country’s trade value, he said, noting European firms hope that the agreement will be ratified in 2020.

Source: VNA