EU completes procedures for EVFTA to take effect: Official
In his recent phone talks with European Commissioner for Trade Phil Hogan, Minister of Industry and Trade Tran Tuan Anh exchanged views on a number of issues related to the European Union – Vietnam Free Trade Agreement (EVFTA) and bilateral cooperation and trade in the context of the raging COVID-19 pandemic.
Minister of Industry and Trade Tran Tuan Anh (Photo: VNA)
Hanoi (VNA) 💝– In his recent phone talks with European Commissioner for TradePhil Hogan, Minister of Industry and Trade Tran Tuan Anh exchanged views on anumber of issues related to the European Union – Vietnam Free Trade Agreement(EVFTA) and bilateral cooperation and trade in the context of the ragingCOVID-19 pandemic.
On theagreement, the EU official said the European Council on March 30 passed theEVFTA and by so doing, the EU officially completed its internal procedures forthe deal to take effect.
MinisterAnh said the dossiers for the ratification of the deal have been submitted bythe government to the state President to consider submitting it to the NationalAssembly for discussion and ratification right in its session in May. With thispace, both sides hope the EVFTA will officially take effect in July.
Theminister further added that the Vietnamese government has drafted a plan on theimplementation of the deal. After the ratification of the agreement by theNational Assembly, the draft plan will be amended and perfected so that thePrime Minister can officially sign it for circulation.
Thetwo also exchanged views on bilateral trade and cooperation within theframework of the World Trade Organisation (WTO).
Theyagreed to exert further efforts to boost trade in the context of thecomplicated development of the COVID-19. On the cooperation within the frameworkof the WTO, the two sides agreed to closely coordinate with each other to boostideas on the reforms of the WTO, especially the improvement of the efficiencyof the mechanism on dispute settlement which is a focus of attention of all theWTO members./.
The European Union – Vietnam Free Trade Agreement (EVFTA) is like an “expressway” connecting Vietnam and Europe that will speed up trade and investment cooperation between the two sides, said experts.
Vietnam ran a trade surplus of 2.8 billion USD in the first quarter of this year, higher than 1.5 billion USD recorded in the same period last year, despite the growing COVID-19 pandemic in the country’s major export markets, reported the General Statistics Office (GSO).
The European Council on March 30 passed a decision to ratify the EU-Vietnam Free Trade Agreement (EVFTA), paving the way for the deal to come into force.
The Ministry of Industry and Trade has been coordinating with relevant ministries and departments to complete all necessary procedures for the ratification of the EU-Vietnam Free Trade Agreement (EVFTA).
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
Dung underlined several key objectives, including a comprehensive review of the legal framework governing SOEs, and called for updates that reflect international standards and support modern, transparent governance.
While the US market has become more difficult to access due to new tax policies, Australia could play the role of a trade cushion, helping to reduce shocks and maintain export momentum for Vietnam's shrimp industry.
Vietnam Cycle Expo 2025 will coincide with the Vietnam Sport Show 2025, an international exhibition on sports and outdoor entertainment, expected to attract more than 20,000 visitors in the three-day event.
Minister of Industry and Trade Tran Tuan Anh (Photo: VNA)
