Vietnam-EU FTA will bring about mutual benefits
Posted on July 10, 2011, Sunday
HANOI: The Vietnam-European Union (EU) Free Trade Agreement (FTA) will bring mutual benefits to both Vietnam and EU, a representative from the European Chamber of Commerce and Industry (EuroCham) said, the Vietnam news agency reported.
Speaking about the potential benefits from the FTA, Juan-Jose Almagro Herrador, a representative from the European Union Delegation in Vietnam, said it would lower the tariffs of the EU, especially in key areas such as textiles, fisheries and leather shoes.
Accordingly, Vietnam will import goods and services from the EU at cheaper prices.
Importing high quality services from EU will help the country increase its economic competitiveness in the long term. He added that participating in the FTA will increase EU investment in Vietnam, increasing the diversification of trade partners in Vietnam, thus Vietnam will achieve a better position in the EU market.
The EU was one of the most important trade partners of Vietnam.
The Vietnam-EU FTA was expected to be a commitment to open markets in most areas of commerce and have an impact on many sectors of Vietnam’s economy, Dinh Thi My Loan, vice chairwoman and general secretary of the Vietnam Retailers Association, said. — Bernama