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|The EVFTA and EVIPA were officially signed on June 30|
According to Minister of Industry and Trade Tran Tuan Anh, once Vietnam gets the opportunity to approach new markets and achieves the conditions of restructuring all segments towards creating value chains, the country will see no limitations in manufacturing.
Talking about the seven-year journey to reach the agreements, Anh said that the long road has shown Vietnam’s determination to integrate into the global economy, despite dramatic and unpredictable socio-economic volatilities across the globe.
Vietnam has made strong efforts to tick off all 28 EU member states' diverse and stringent requirements to be able to boost trade.
The EVFTA is a comprehensive agreement with 17 chapters and two protocols in all spheres of trading, service, investment, preferential conditions on government procurement, trade protection, preferentiality for small and medium-sized enterprises and intellectual property.
As the agreement comes into force, Vietnam not only upgrades its two-way trade value with the EU but also has more opportunities to improve the competitiveness of its economy and especially form new value chains with other key partners, the minister added.
Referring to attracting investment from the EU after the two agreements have been signed, Anh said that the investment environment and business conditions in Vietnam for European enterprises will be remarkably improved, and a number of big issues related to investment protection and investment disputes will be addressed in line with international laws and the laws of Vietnam and the EU.
European firms will be facilitated to continue investment in industries where they hold an advantage in Vietnam such as food processing, high technology, and key sectors such as automobile production, electronics, and auxiliary industry.