Vietnam - EU Cooperation Forum 2024: Adaptation efforts for a sustainable prosperous future

On the afternoon of November 7, in Ho Chi Minh City, the Vietnam - EU Cooperation Forum 2024: "Adaptation efforts for a sustainable prosperous future" was held, organized by the Ministry of Industry and Trade.

The Vietnam - EU Cooperation Forum is an annual event hosted by the Ministry of Industry and Trade since 2018 and has become a "meeting place" for partners, businesses and related organizations, together promoting the Vietnam - EU economic, trade and investment relationship in depth, practically and effectively.

With the participation of the European Union Delegation, representatives of the Embassies of EU member countries in Vietnam, localities, domestic and international experts and especially the large participation of the business community, the forum opened a comprehensive and multi-dimensional interactive exchange channel, keeping up with market trends and fluctuations, supporting businesses to grasp information, quickly adapt to maintain and develop production and business activities.

Overview of the Vietnam - EU Cooperation Forum 2024.

This year's program focuses on exploring the sustainable aspects of bilateral relations and efforts to respond to challenges from non-tariff barriers and trade defense; focuses on disseminating and guiding businesses to adapt to new policy regulations; and suggests directions for trade and investment cooperation in areas of mutual interest, as well as in line with current trends such as green and digital economy, circular economy, energy transition, etc.

Speaking at the event, Deputy Minister of Industry and Trade Nguyen Hoang Long affirmed that the EU is Vietnam's leading partner in the fields of trade and investment, actively contributing to the process of socio-economic development, integration and energy transition in Vietnam. At the same time, he highly appreciated the growth results and positive changes in trade exchanges between the two sides in recent times, with strong leverage from the EVFTA Free Trade Agreement, especially noteworthy in the context of unstable markets, supply chains and economies facing many difficulties.

Deputy Minister Nguyen Hoang Long emphasized that with the great advantages of the EVFTA and the upcoming EVIPA, Vietnam has many favorable conditions to promote trade cooperation, attract investment, technology transfer, and support projects from EU partners to promote economic restructuring towards green and digital, including the use of clean energy, renewable energy, and high-tech transformation in production, helping Vietnamese goods meet EU standards and participate deeply and sustainably in the value chain.

Deputy Minister of Industry and Trade Nguyen Hoang Long spoke at the forum.

Mr. Julien Guerrier - Ambassador, Head of the EU Delegation to Vietnam - in his speech at the event also specifically acknowledged the role of implementing the EVFTA Agreement and highly appreciated the cooperation opportunities between the two Parties in energy transition, typically the implementation of JETP to support Vietnam in achieving its emission reduction targets. This is a strong and key area in the EU's policy, and is also consistent with the strategic orientation of Vietnam's socio-economic development.

Exchanging views at the forum, from the perspective of European businesses, Mr. Nguyen Xuan Thang - Vice Chairman of EuroCham - highly appreciated the prospects and competitive advantages of Vietnam in the field of green transformation with abundant renewable energy potential; at the same time, expressed many expectations from the market. EuroCham also acknowledged the efforts and commitments of the Vietnamese Government in promoting a green economy and sustainable development. This is a common vision to help increase the attractiveness of Vietnam's investment environment and hopes that with this orientation, the two sides will achieve more positive changes in bilateral cooperation activities in the coming time.

Mr. Julien Guerrier - Ambassador, Head of the European Union - EU Delegation to Vietnam.

Discussing at the seminar, domestic and international speakers also analyzed many challenges posed by the economic situation that still has many potential risks and instabilities, along with the trend of strengthening green and sustainable trade standards; accordingly, they issued warnings and recommended practical and timely solutions. A series of notable policies and regulations such as: Border Carbon Adjustment Mechanism (CBAM); Regulations on Supply Chains Against Deforestation (EUDR); Supply Chain Due Diligence Directive (CS3D)... coming into effect are expected to have a significant impact on trade and investment activities on both sides. On the other hand, meeting the requirements of sustainability and "responsibility" also creates new development opportunities for businesses, helping to exploit more effectively the advantages of exported goods, thereby enhancing the value and brand of products.

At the event, Vietnamese and European businesses also directly shared many good practices, as well as the greening journey and sustainable growth in production and business such as the development strategy of Ton Dong A Joint Stock Company, smart logistics solutions in e-commerce of Viettel Post or the support program for partners in the supply chain of H&M.

Through valuable exchanges between experts, consulting organizations and lively discussions among delegates, the forum has promoted its role as a channel for policy dialogue, updating practical and effective market information between the two sides' management agencies and the business community, while supporting the establishment of a network connecting partners on both sides.

According to calculations from the General Department of Customs, after 4 years of implementing the EVFTA, two-way trade turnover between Vietnam and the EU has continuously increased, from 48.9 billion USD the year before the Agreement came into effect to 63.7 billion USD in the 4th year of the Agreement coming into effect, with an average growth rate of 7%/year; in which, exports to the EU market increased by an average of 8.7%/year, imports from the EU market increased by an average of 2.8%/year. The EU is currently the third largest export market and the fifth largest import market of Vietnam.

According to Eurostat, the EU imported goods from Vietnam in the first 8 months of 2024 reaching 34.9 billion EUR, up nearly 11% over the same period last year, accounting for a market share of 2.2%. Vietnam is currently in the Top 10 largest suppliers of goods outside the bloc to the EU and is the EU's largest trading partner in the ASEAN bloc.

Source: https://congthuong.vn/dien-dan-hop-tac-viet-nam-eu-2024-no-luc-thich-ung-vi-tuong-lai-thinh-vuong-ben-vung-357365.html