Ba Ria-Vung Tau (VNA) ඣ– Opportunities to enhancetrade and investment ties between the southern province of Ba Ria-Vung Tau andEurope offered by the EU-Vietnam Free Trade Agreement (EVFTA) were discussed ata seminar on August 2.

The event in Vung Tau city attracted more than100 delegates from the Ministry of Foreign Affairs, Ba Ria-Vung Tau province,the European Chamber of Commerce in Vietnam (EuroCham), along with Vietnameseand European businesses. Deputy Foreign Minister Bui Thanh Son said theEVFTA and the EU-Vietnam Investment Protection Agreement (EVIPA), both signedon June 30, open a “new horizon” for stronger, extensive and comprehensivecooperation between Vietnam and the EU, meeting the demand of their localities,businesses and people. To effectively implement the two deals, theVietnamese Prime Minister has requested ministries, sectors, localities andenterprises to make thorough preparations and stay active to optimise thebenefits generated by the two agreements, especially the EVFTA – one of thefirst new-generation FTAs to be carried out in Vietnam, he noted. EuroCham Vice Chairman Jean-Jacques Bouflet saidthe EVFTA is the result of unceasing efforts by both Vietnam and the EU,affirming that it is an important milestone on the path to a broader tradeagreement with the Southeast Asian region. European businesses consider Ba Ria-Vung Tau akey locality for cooperation activities once the EVFTA is ratified and takeseffect, he said, noting the evidence that nearly 40 European firms attended theseminar. Introducing local advantages, Secretary of theBa Ria-Vung Tau provincial Party Committee Nguyen Hong Linh said the provincehas enough confidence to welcome investors from Europe as it owns goodinfrastructure, including a system of modern deep-water ports able to handlevessels of 200,000 DWT.  It also boasts many comparative advantagescompared to other localities in the southern key economic region. Some of theworld’s leading businesses have invested in many big projects in the province,which also holds considerable tourism potential. Linh said Ba Ria-Vung Tau pledges to enhancecooperation with foreign agencies and organisations, continue improving thelocal investment climate to create the best possible conditions for foreignfirms, and accompany businesses and investors on the path of development andintegration. At the seminar, participants looked into issuesrelated to seaports, seaport logistics, industry, hi-tech agriculture andhigh-quality tourism, which are also the fields in which Ba Ria-Vung Tau canmake use of chances under the EVFTA. They also discussed the province’sattraction of and support for investors. By the end of June this year, Ba Ria-Vung Tauhad attracted more than 300 FDI projects whose registered capital approximates to30 billion USD, including 68 projects worth 3.5 billion USD invested by Europeanenterprises.-VNA