Strengthen and deepen Vietnam-EU cooperation


There are 28 member countries, in the European United. This is a spesial entity of economy and politics. It consists eight political institutions in the EU: the European Council, the Council of Ministers, European Parliament, European Commission, Court of Justice of the European Union, the European Central Bank, the European Agency for External Relations and Court of Auditors. EC is the executive body of the union. EC operates independently with functions of building, proposing EU legislation, enforcing and monitoring deployment treaties and EU law, using the general budget to implement the policies of the whole block as prescribed.
Vietnam and the European Union formally established diplomatic relations on November 28, 1990. In 1996, the EU officially opened the permanent representative delegation of the EU in Hanoi. Since then, relations between the two sides has gone into the framework and rapidly grown up. Vietnam and the EU regularly exchange high-level delegations. The EU has become one of the most important partners of Vietnam in various fields, especially in economics, trade, investment, contributing positively to the process of economic development and social integration to international economy of Vietnam.
The year 2012 marked a breakthrough in the Vietnam-EU relations as the two sides formally signed the Framework Partnership and Cooperation Agreement (PCA) and started negotiating a free trade agreement between Vietnam-EU. It must be confirmed that trade and investment are important pillars in the Vietnam-EU relations. From 2001 to 2013, two-way trade has increased more than 7 times, from $ 4.5 billion in 2001 to $ 33.7 billion in 2013. In 2012, the EU took the first position of American into the largest export market of Vietnam. The highlight features of two-way trade between Vietnam and EU are highly complementary, less competitive and Vietnam persistently makes trade surplus to the EU. The structure of Vietnam’s exports to the EU has shifted towards increasing the proportion of high-quality goods, fresh food, crafts, decreased proportion of average quality, raw agricultural commodities. The main items of EU imported to Vietnam include machinery, tools and parts, computers, electronic products and components, leather textile raw materials, pharmaceuticals, chemicals and chemical products or transportation...
Regarding investments, up to June 2014, 23 of 28 EU member countries have invested in Vietnam with 1,471 projects with total registered capital of 18.38 billion USD. Investment areas focus on: Industrial processing and manufacturing; producing electricity, gas and water; information and communication; the real estate business. The EU countries have projects in most provinces of Vietnam, among them, Ho Chi Minh City attracts the most with 538 projects, total investment of 2.77 billion dollars. Hanoi ranks first with a total investment of 3.06 billion dollars, followed by locals as Ba Ria-Vung Tau, Quang Ninh, Dong Nai...
It is not only an important partner for trade and investment, the European Union and the Member States is the largest donor of officially development assistance (ODA) capital for Vietnam. EU commitment to increase 400 million euros aid to Vietnam for the period 2014-2020, an increase of 30% compared with 2007-2013.
Beside bilateral relations, Vietnam and EU cooperated at multilateral forums and international organizations, especially within the framework of ASEAN - EU, ASEM and the United Nations in many areas... Currently, Vietnam is the coordinator of dialogue relations between ASEAN and EU. In last July, Vietnam and the EU successfully chaired the 20th Conference of Foreign Ministers of ASEAN-EU  with the theme "Towards ASEAN-EU strategy partnership relations for peace, stability and prosperity”.
Exchange with Vietnam’s leaders on measures to promote bilateral relations, especially the economic, trade and discuss issues of international and regional concern, EC President said: We believe that with the largest effort, we will deepen relations and multifaceted cooperation between Vietnam and the EU, for the sake of both parties as well as for peace, cooperation and development in the region and the world.

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All comments [ 10 ]

Huy Quốc 29/8/14 15:47

The European Union is considering the recognition of Vietnam as a market economy while encouraging its businesses to explore cooperation opportunities in the country

Vân Nhàn 29/8/14 15:49

the traditional links of friendship and the close historical, political and economic ties which unite Europe and Vietnam, on the basis of the respect for universal principles of the UN Charter and international law, the rule of law, human rights, democracy, sovereignty, equality, as well as mutual respect and mutual benefit

Quân Hoàng 29/8/14 15:51

Measures to help boost trade and economic relations, such as the EU soon ratifying the PCA and considering the development gap between Viet Nam and other EU member countries in EVFTA negotiations.

Hoàng Lân 29/8/14 15:53

Viet Nam would promote economic reform and continued to be an attractive destination for investors, including investors and businesses from EU countries.

Hùng Quân 29/8/14 15:55

The two sides should stress the need to maintain peace, stability, security and maritime safety in the East Sea.

Lê Tín 29/8/14 15:58

The EC attached great importance to developing the friendship and co-operation with Viet Nam.

Quốc Cường 29/8/14 16:00

Vietnam welcomes the continued expansion of bilateral trade and the EU's position as Viet Nam's largest export market and second-largest trade partner.

Phạm Hiếu 29/8/14 16:02

The two leaders should discuss the ongoing tensions in the South China Sea/East Sea.

Huy Lâm 29/8/14 16:04

I think the two side shold continue encouraging and facilitating businesses to step up investment and establish partnerships, particularly in prioritised areas including industry, infrastructure, transportation, energy, finance, services, health, space applications and tourism.

Quốc Kiên 29/8/14 16:06

A mutually beneficial Free Trade Agreement (FTA) would offer new business opportunities for economic operators, enhance inflow of Foreign Direct Investment and promote growth and employment.

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