said Nicolas Audier, chairman of the European Chamber of Commerce in Vietnam (EuroCham) in a statement.

Vietnamese Prime Minister Nguyen Xuan Phuc (L) and EuroCham chairman Nicolas Audier shake hands at a conference in May - PHOTO: COURTESY OF EUROCHAM

According to Audier, the agreement represents the EU's confidence in Vietnam, as it is just the second ASEAN nation to sign a free trade agreement with the EU. The EVFTA will usher in an era of increased trade and investment and begin the process of phasing out almost 99% of tariff lines and barriers to trade over the next decade. It will also open up new markets to European investment and innovation and promote sustainable development in Vietnam.

“The EVFTA is now more important than ever, as trade wars and a global pandemic disrupt normal business operations on an unprecedented scale. Free, fair and rules-based trade is the best roadmap to economic growth, and Vietnam will now have privileged access to an EU consumer market of some 500 million people who will be keen to do business with and invest in a strong, secure and prosperous nation in the heart of Asia,” he noted.

Ever since negotiations over the EVFTA first began, EuroCham has been one of its strongest advocates. This agreement represents a true “win-win” not just for European and Vietnamese enterprises, but also for the citizens of both sides.

“Now, the next step is to ensure its smooth and effective implementation. EuroCham, its 17 Sector Committees and 1,000 members look forward to working hand-in-hand with Vietnam to ensure that all sides can unlock the full potential of the EVFTA now and in the future,” Audier stated. SGT