Prime Minister Nguyễn Xuân Phúc has called for improvements to the business climate and streamlined administrative procedures to facilitate trade and investment between Việt Nam and the European Union (EU).— VNA/VNS Photo Thống Nhất
HÀ NỘI — Prime Minister Nguyễn Xuân Phúc has called for improvements to the business climate and streamlined administrative procedures to facilitate trade and investment between Việt Nam and the European Union (EU).
Speaking at a meeting to evaluate bilateral collaboration in Hà Nội on Saturday, Phúc pointed out some factors that hinder two-way trade like the “yellow card” issued by the European Commission for Vietnamese seafood.
He stressed the significance of bolstering co-operation with the EU, a leading strategic partner of Việt Nam in economics, trade and investment, proven by fruitful results in two-way trade, with the EU being the second-largest source of imports in Việt Nam and the destination for 18 per cent of Vietnamese exports.
Phúc also noted that the EU was the third-biggest trade partner of Việt Nam with two-way trade reaching some US$50 billion last year, adding that Việt Nam enjoyed a trade surplus of $31.8 billion with the EU.
The Government leader ordered relevant ministries to closely work with the EU’s bodies to complete the signing and ratification of the Việt Nam-EU free trade agreement (EVFTA) at the end of 2018, creating a breakthrough for economic and trade cooperation between the two sides.
The EVFTA, a new-generation free trade agreement between Việt Nam and the EU’s 28 member states, is a comprehensive and high-quality trade pact that balances benefits for both Việt Nam and the EU and is in line with regulations of the World Trade Organisation.
Leaders of Việt Nam and the EU finished negotiations for the deal in 2015. — VNS