The Việt Nam-EU Cooperation Forum 2024 was held on November 7 in HCM City. – VNA Photo

HCM CITY — Việt Nam affirmed the EU is an important partner for its sustainable development efforts, and that both sides have a lot of room for trade co-operation, according to the Việt Nam-EU Cooperation Forum 2024.

The forum on November 7 featured the European Union Delegation, representatives of the embassies of EU member countries in Việt Nam, as well as officials, experts and businesses in Việt Nam and around the world, and it focused on the topic of sustainability and non-tariff barriers to trade.

Deputy Minister of Industry and Trade Nguyễn Hoàng Long said that the EU is Việt Nam’s leading partner in terms of commerce and investment, making great contributions to Việt Nam’s global integration and energy transformation.

He also highly regarded the trade growth between Việt Nam and the EU, in part thanks to the tariff cuts offered by the European Union – Việt Nam Free Trade Agreement (EVFTA), especially considering recent global economic and supply chain instability.

Vietnamese exports have seen growth in many EU countries, both large and small, and the diversity of export products has also increased.

With the EVFTA and the EU – Việt Nam investment protection agreement, Việt Nam has plenty of favourable conditions to strengthen trade, attract investment and engage in technology transfer with the EU.

This helps Việt Nam restructure its economy towards green and renewable energy and high-tech applications in production, allowing Vietnamese goods to better adhere to EU standards.

It has also been receiving plenty of high-quality investment projects from the EU that use high-tech, creating shared benefits for both sides. The EU is currently the sixth largest investor in Việt Nam, with projects worth a total of US$29.9 billion.

Julien Guerrier, Ambassador of the European Union to Việt Nam and head of the delegation, also highly regarded the two sides’ co-operation opportunities in energy transformation, especially with the Just Energy Transition Partnership that helps Việt Nam reduce its emissions.

This is a key policy of the EU, and it is also in line with Việt Nam’s socio-economic development orientation.

Nguyễn Xuân Thắng, deputy chairman of the European Chamber of Commerce in Việt Nam, said that Việt Nam has a lot of potential for green transformation and renewable energy, and that the Government is highly committed in facilitating a green and sustainable economy.

Experts at the forum pointed out challenges related to global economic instability, as well as the rise of sustainable trade requirements, and how satisfying these requirements will open new opportunities for businesses and help them better take advantage of free trade agreements.

Noteworthy international policies included the Carbon Border Adjustment Mechanism (CBAM), European Deforestation Regulation (EUDR), and the Corporate Sustainability Due Diligence Directive (CS3D), which when they come into effect will have a significant impact on bilateral trade and investment.

Vietnamese and EU businesses also shared their green transformation road maps and logistic solutions for e-commerce.

According to the General Department of Statistics, after four years of implementing the EVFTA, bilateral trade between the two sides is consistently rising by around 7 per cent every year.

The EU is currently Việt Nam’s third largest export market and fifth largest import market.

Meanwhile, according to the EU statistics office Eurostat, the EU imported 34.9 billion euros ($37.6 billion) worth of products from Việt Nam in the first eight months of the year, up 11 per cent year-on-year, and Việt Nam is among the top 10 largest suppliers of goods to the EU.

The forum has been held annually by the Ministry of Industry and Trade since 2018 for businesses and organisations to enhance Việt Nam – EU trade relations. – VNS