The European Union (EU) considers Vietnam its major partner in the Asia – Pacific region, expecting the country to support greater cooperation between the bloc and ASEAN members, according to President of the European Parliament (EP) David Sassoli.

President of European Parliament David Sassoli and Vice Minister of Foreign Affairs Bui Thanh Son. Source: MOFA.

Meeting with Vice Minister of Foreign Affairs Bui Thanh Son on February 11, Sassoli said he and other EP members support the ratification of the EU – Vietnam Free Trade Agreement (EVFTA) and the EU – Vietnam Investment Protection Agreement (EVIPA). He also expressed his high regards for the cooperation between Vietnam and EP in preparing for the ratification of these two agreements at the EP.

Sassoli expected once becoming effective, both deals would bring substantial benefits for enterprises and the people from both sides.

Vice Minister Bui Thanh Son said Vietnam prioritizes its relations with EU and looks forward for further improvements in bilateral comprehensive partnership.

Son added the National Assembly of Vietnam is scheduled to approve these agreement in the coming time, especially as both sides are pushing forward with the efficient implementation of commitments in the EVFTA and EVIPA.

During his working trip on February 4 -12, 2020, Son held various meetings with Vice President of the EP Pedro Silva Pereira, Chairman of the EP’s International Trade Committee (INTA) Bernd Lange, European Commissioner for Trade Phil Hogan and heads of EP delegations from EU members such as France, Finland, Bulgari, Sweden, Portugal, Spain, Italy, among others.

Vice Minister of Foreign Affairs Bui Thanh Son in a meeting with Chairman of INTA Bernd Lange. Source: MOFA.

Chairman of INTA Bernd Lange said the Committee approval of the agreements in a voting on January 21 reflected strong supports of EP members to the EVFTA and EVIPA.

The EP is scheduled to vote on the EVFTA and EVIPA today, which would later follow a ratification process at the European Council.

Both the EVFTA and EVIPA were signed on June 30, 2019 in Hanoi, for which the former is a comprehensive, high-standard free trade agreement covering the fields of economy, trade, investment and issues of sustainable development.

A study from Vietnam’s Ministry of Planning and Investment suggested the EVFTA and EVIPA would help Vietnam’s GDP grow an additional 4.6% and boost the country’s exports to the EU by 42.7% by 2025.

Meanwhile, the European Commission estimated the bloc’s GDP would be increased by US$29.5 billion by 2035, along with additional growth of 29% in exports to Vietnam.