HA NOI (VNS)— The European Union continued to support Viet Nam's integration into the world economy with the launching of the European Trade Policy and Investment Support Project yesterday in Ha Noi.
The project, worth US$19.5 million, will be implemented in 5 years. It aims to help the country integrate into the global, ASEAN and sub-regional trading systems and strengthen trade and investment relations between the EU and Viet Nam.
The project is the continuation of the Multilateral Trade Policy Assistance Projects which started in 1998 and supported Viet Nam as the nation transitioned to a market economy and began to participate in the WTO.
Director of the Department of Asia and Pacific Market cum project director Bui Huy Son said the project was in line with Viet Nam's integration process, and should be viewed in the context of the recently signed EU-Viet Nam Partnership and Cooperation Agreement and the recent negotiations of the Viet Nam – EU free trade agreement.
The main purpose of the project is to support Viet Nam in facilitating sustainable international trade and investment through improving the capacity of the Ministry of Industry and Trade and relevant agencies for policy making, policy consultation, negotiation and implementation of related commitments, particularly with the EU, said Claudio Dordi, head of the project's consultant group.
The project will also help enterprises to penetrate the EU market and attract more high-tech investments into Viet Nam.
The EU is among the major export markets of Viet Nam, with a population of more than 500 million and high demand for Vietnamese products such as garments and textiles, footwear, seafood and wood products.
In the first eleven months of this year, Viet Nam's exports to the EU reached $18 billion, 21.3 per cent higher than the same period last year.
Bilateral trade for the 11-month period hit $26 billion, $2 billion higher than all of 2011. — VNS