Developing Relations between Vietnam and the EU
Commercial co-operation between Vietnam and European Union (EU) has been developing vigorously – said Vietnamese Prime Minister Nguyen Tan Dung in talks with Karel De Gucht, Commercial Commissioner of European Community (EC) held on March 2nd in Hanoi.
Prime Minister Nguyen Tan Dung said that over the past few years, the EU has become strategic trading partner, with commercial relations between Vietnam and EU member countries broadened and deepened.
In 2008, bilateral commercial turnover between Vietnam and EU exceeded US$21.08 billion among which export turnover accounted for US$12.4 billion, and import turnover reached nearly US$8.68 billion. In 2009, under the influence of the global economic downturn and financial crisis, bilateral commercial turnover decreased to US$14.8 billion.
Vietnam exports raw rubber, handicraft products, footwear, garments, aquatic products, coffee, tea and peppercorn to EU countries, and imports mechanical and manufactured goods, chemicals, transport, aviation, pharmaceutical products, high quality cosmetics and foods from the EU.
The EU is a huge market with 27 countries and population of more than 460 million people living on the area of more than four million sq.km. Total GDP amounts to US$15 trillion making up 27 percent of global GDP. The EU’s export turnover with other countries reached US$2.8 trillion accounting for 25 percent of global export turnover. Total FDI (foreign direct investment) into other countries accounted for 47 percent of global FDI. Until the end of 2009, its total registered FDI capital in Vietnam reached US$12.5 billion with US$10 billion in Official Development Assistance (ODA) capital.
Vietnam is a market with huge potential, comprising of a population of more than 80 million people. Young people account for a high portion of the population; consumer capacity is increasing. Vietnam’s economy has seen considerable growth rates over recent years. The Vietnamese government has issued reasonable policies to strongly renovate and integrate into the region and the world. As ASEAN Chairman in 2010, Vietnam is regarded as a bridge between the EU and ASEAN. Therefore, it is an ideal time to strengthen economic and commercial relations between Vietnam and EU.
In talks, Karel De Gucht stated that it was necessary for Vietnam and EU to foster co-operation in economics, investment and trade. He also said that two sides should promote negotiations to agree a Partnership and Co-operation Agreement (PCA) and Free Trade Agreement (FTA) at the upcoming high-level Asia-Europe Meeting (ASEM) in Brussels (Belgium)./.
VEN
Tags: Vietnam EU business forum, Vietnam EU cooperation
Posted by VBN on Mar 8 2010. Filed under Int'l Cooperation. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry
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