The European Union has shown its continued support for Vietnam’s global
economic integration with the launch of the European Trade Policy and
Investment Support Project in Hanoi on December 11.
The project, worth US$19.5
million, will be implemented over five years, aiming to help the country
integrate into the global, ASEAN and sub-regional trading systems and
strengthen trade and investment relations between the EU and Vietnam.
The project is the continuation
of the Multilateral Trade Policy Assistance Projects which started 1998 and
supported Vietnam when the nation transitioned to a market economy and began to
participate in the WTO.
Director of the Department of
Asia and Pacific Market cum Project Director Bui Huy Son said the project is in
line with Vietnam’s integration process, and should be viewed in the context of
the recently signed EU-Vietnam Partnership and Cooperation Agreement and the
recent negotiations of the Vietnam-EU free trade agreement.
The main purpose of the project
is to support Vietnam in facilitating sustainable international trade and
investment through improving the capacity of the Ministry of Industry and Trade
and relevant agencies for policy making, policy consultation, negotiation and
implementation of related commitments, particularly with the EU, said Claudio
Dordi, head of the project’s consultant group.
The project will also help
enterprises penetrate the EU market and attract more high-tech investment into
Vietnam.
The EU is among the major export
markets of Vietnam, with a population of more than 500 million and high demand
for Vietnamese products such as garments and textiles, footwear, seafood and
wood products.
During the past 11 months of this
year, Vietnam’s exports to the EU reached $18 billion, 21.3 percent higher than
the same period last year.
Bilateral trade for the 11-month
period hit $26 billion, $2 billion higher than all of 2011.
VNS
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