Hanoi (VNA) – The conclusion of the EU –Vietnam Free Trade Agreement (EVFTA) marked the end of an arduous journey withthree years of negotiations and another three years for preparation to reachthe signing, according to Chairman of the Vietnam Chamber of Commerce andIndustry (VCCI) Vu Tien Loc.

[Vietnam, EU sign free trade, investment protection 🅘agreements]

In an interview granted to the Vietnam NewsAgency (VNA), Loc said overcoming various difficulties such as internal fluctuationsin the EU, including the UK’s exit from the union (Brexit), and some voice ofprotest, Vietnam and the EU have reached agreement to give birth to the deal,bringing win-win benefits, especially in the context of the complicated global economicdevelopments and the escalating trade tensions between China and the US.

He described the signing of the EVFTA on June 30as a steady anchor for the cooperative relations between Vietnam and EU members.

The pact brings good chances for Vietnam toaccess the EU market with over 500 million high-income people, he said, addingthat the EU is already the largest export market of Vietnam apart from Asia, makingup over 20 percent of the export turnover of Vietnam.

According to Loc, Vietnam and the EU are two supplementaryeconomies without direct competition. Therefore, the completion of thebilateral free trade agreement will open up numerous cooperation opportunities.

The EU is home to the world’s leading economieswith numerous global corporations and groups, so Vietnam could enhance tradeand investment cooperation between domestic businesses and foreign partners,thus enabling them to participate in global value chains.

Vietnam will also have opportunities to boostexports and attract high quality and environmentally friendly investment flows,Loc said.

He added that the pressure will be heavy but theopportunities will be enormous.

The business leader urged the Government to pushahead with reforms to facilitate business development. The Ministry ofIndustry and Trade, the Ministry of Planning and Investment and the VCCI shouldget ready to disseminate information on the trade pact among businessassociations and enterprises as well as support them in the global integrationprocess.

Businesses themselves should increasecompetitiveness and promote innovation towards sustainable development, hesaid.

The VCCI chairman forecast that the EVFTA couldhelp double Vietnam’s exports to EU countries, explaining that European firmswant to invest in Vietnam to manufacture products for export back to Europe orother markets.-VNA