Vietnam, EU push up ratification of bilateral free trade pact

The European Parliament President said he has been doing his utmost to accelerate the signing and ratification of free trade and investment protection agreements between the EU and Vietnam.

Mr. Antonio Tajani made the statement during talks in Brussels on Thursday with Vietnamese National Assembly Chairwoman Nguyen Thi Kim Ngan who said the EU-Vietnam Free Trade Agreement and the Investment Protection Agreement will bring multiple benefits to both Vietnam and the EU. The Vietnamese top legislator asked for President Tajani's support to put the trade deal's ratification into the European Parliament's agenda at the beginning of the new tenure. Madam Ngan said Vietnam honors international trade commitments and creates equal opportunities for both domestic and foreign investors.

The EU is currently Vietnam's fourth largest trade partner, second biggest export market, and fifth largest investor.

During talks the same day, National Assembly Chairwoman Nguyen Thi Kim Ngan and President of the European Commission Jean-Claude Juncker agreed that the signing and ratification of the EVFTA should be quickly completed. Ms. Ngan said Vietnam has been improving its regulations in line with international law and commitments it has signed.

President Juncker spoke highly of Vietnam's socio-economic development and said he has signed and sent the EVFTA to the European Council for later submission to the European Parliament (EP).

Source: VOV5