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| EU has been the biggest seafood importer from Vietnam. Photo by Vasep. |
Despite the crippling debt crisis in Europe, he said, two-way trade between Vietnam and the EU in 2011 increased 36 percent over 2010, hitting US$24 billion.
Vietnam is implementing its 2011-2020 socio-economic development strategy and emerging as a dynamic economy in Southeast Asia.
It signed the partnership and cooperation agreement (PCA) with the EU in June 2012 and kick-started negotiations for a free trade agreement with the European bloc at the same time.
The PCA will help remove technical trade barriers, offering the business communities of both sides opportunities to enhance their competitiveness in international economic integration, Khuong concluded.
Luong Hoang Thai, head of the Multilateral Trade Policy Department under the Ministry of Industry and Trade, said the PCA will create a favourable environment for Vietnam in trade exchange with the European bloc when tariffs on farm products, food, footwear and garments imported from Vietnam are slashed to zero.
The agreement will open up prospects for Vietnam to enter this lucrative market in the long term and attract more investment from this bloc, he said.
Jean Jacques Bouflet, Minister Councillor of the European Commission delegation to Vietnam, pointed to the fact that the EU and Vietnam have great potential for stronger economic and trade ties as the EU is a large market of approximately 500 million consumers.
The EU is the fourth largest foreign direct investor in Vietnam, committing US$1.77 billion in 2011. It is also a key provider of official development assistance (ODA) for Vietnam.
He expressed his belief that the PCA will bring substantial benefits to Vietnam, helping improve its economy in the global production chain.