Ratification of EU-Vietnam agreements of high economic and strategic value

EU Parliament gives green light for EU-Vietnam deals

Today, the European Parliament backed the free-trade (FTA) and investment protection agreements (IPA) between the European Union and Vietnam.

BusinessEurope Director General Markus J. Beyrer said: “This is a watershed moment for the EU trade policy because these are the first comprehensive deals being struck with a developing country. They will be a stepping stone towards further economic integration between the EU and the Association of Southeast Asian Nations (ASEAN). The agreements will also help companies take full potential of the manifold economic opportunities in a dynamic country of almost 100 million people with a GDP growth expected at 6.5% in 2020.

If the EU wants to become more geostrategic, it needs to have a stronger presence in Asia. These agreements consolidate the EU’s presence in one of the fastest growing regions of the world, and put European companies of all sizes on equal footing with competitors from countries that already have agreements with Vietnam, like the Comprehensive and Progressive Agreement for Trans-Pacific Partnership or TPP11.

These deals reduce barriers to trade and foster opportunities for investment, benefitting businesses in both the EU and Vietnam, creating jobs and generating economic growth. But they also promote European values and norms in the region: with strong provisions on environmental and labour standards, the free-trade agreement and the investment protection agreement will help Vietnam to continue its path towards a prosperous and sustainable future in respect for people and the planet.”