This ASEAN-EU Foreign Ministers' Meeting resumed after more than 3 years of interruption due to the Covid-19 pandemic and was the first time Foreign Minister Bui Thanh Son attended (this is a meeting mechanism held every 18 months between the Foreign Ministers of ASEAN countries and 27 EU members, a separate activity from the ASEAN-EU Foreign Ministers' Meeting on the occasion of the annual ASEAN Foreign Ministers' Meeting).
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| The ASEAN-EU Strategic Partnership has been continuously strengthened and developed. (Source: ASEAN Secretariat) |
ASEAN-EU relations develop in both breadth and depth
Since 1977, ASEAN-EU cooperation has been continuously developing in both breadth and depth. The EU is one of ASEAN's leading important partners. Bilateral relations in recent years, especially after establishing a Strategic Partnership in 2020, have progressed positively in all areas. With the Indo-Pacific Strategy announced in 2021, the EU officially recognized ASEAN's central role in the region. The EU also actively participates in the ASEAN Regional Forum (ARF).
In the economic and trade field, the EU is currently ASEAN's third largest trading partner and foreign direct investor (FDI), while ASEAN is the EU's third largest trading partner outside the European region. The EU also devotes many resources to support ASEAN in building its community, enhancing connectivity, integration and sustainable development through development cooperation programs.
Elevating relations with ASEAN, the EU once again reaffirms its support for ASEAN to play a central role in shaping an open, transparent, inclusive and rules-based Indo-Pacific region, underpinned by ASEAN-led mechanisms and processes.
In recent times, the EU has stepped up policy adjustments towards “strategic autonomy”, making efforts to strengthen cooperation with the region through implementing initiatives on regional connectivity such as the Indo-Pacific Cooperation Strategy, the Global Gateway, and the Strategic Compass, thereby strengthening the EU’s role and position globally…
The EU’s increased autonomy and increased capacity to act in Asia are necessary to protect the EU’s interests in the region. Becoming a strategic partner of ASEAN, the EU has many important opportunities to increase its influence in areas such as security, politics, economics - trade, and people-to-people exchanges.
| At the 24th ASEAN-EU Foreign Ministers' Meeting, ASEAN and the EU are expected to review their cooperation relations, discuss measures to enhance cooperation in the coming time, and especially implement the results of the ASEAN-EU Commemorative Summit in 2022 and discuss international and regional issues of mutual concern. |
The Indo-Pacific Ministerial Forum (IPMF) is an EU initiative to implement the EU's Indo-Pacific Strategy (December 2021). This IPMF takes place during Belgium's tenure as the rotating EU Presidency in the first half of 2024 and ahead of the European Parliament elections (June 2024).
The EU expects IPMF-3 to create an important impetus to enhance dialogue and cooperation between the EU and its regional partners, in the context of the new and volatile situation. It is expected to be the largest IPMF ever organized by the EU with nearly 80 delegations participating, under the chairmanship of the EC Vice President/EU High Representative for Foreign Affairs and Security Policy.
Vietnam – An important bridge
In addition to the recent remarkable progress in bilateral cooperation with the EU, Vietnam is becoming a very important and effective bridge, contributing to strengthening common cooperation mechanisms between ASEAN and the EU.
The EU attaches importance to Vietnam's position in ASEAN and the region; is interested in implementing the Indo-Pacific Strategy and, through Vietnam, enhancing its role and economic cooperation in the region.
The entry into force of the Vietnam-EU Free Trade Agreement (EVFTA) is creating a strong driving force for economic and trade exchanges between the two sides, and is considered a model for the EU to continue expanding its implementation to the entire ASEAN region.
The European Chamber of Commerce in Vietnam (EuroCham) recently released its White Paper 2024 , which shows that Vietnam continues to emerge as an attractive investment destination for European businesses, with the biggest driver being the EVFTA, which will eliminate many tariffs and promote a more efficient and accessible trade environment. The agreement will not only boost trade but also encourage sustainable development and higher standards in labor and environmental practices.
For European businesses, Vietnam's stable political environment, along with its strategic geographical location and young, dynamic workforce, are key factors in attracting investment from the continent.
Vietnam's trade surplus with the EU has increased continuously over the past two decades, from 1.3 billion USD in 2002 to 34.3 billion USD in 2023. Trade turnover has also witnessed growth in export value over the years with items such as textiles, footwear, seafood, coffee, and computers and electronics.
The total trade turnover of goods between the EU and Vietnam in 2023 will reach 72.3 billion USD, down 5.3% compared to 2022 due to the impact of the world situation, but still accounts for a significant proportion of Vietnam's economy. Vietnam receives high-quality investment from the EU with projects using advanced technology, creating common values and benefits for the business communities of both sides.
Mr. Pierre Grega, Director of the Brussels-based Development-Recovery-Integration and Security Center (DRIS), said that Vietnam needs to take advantage of its good relations with EU member countries to promote cooperation between ASEAN and the EU, such as when Vietnam assumes the rotating ASEAN Chair in 2020. The dynamism of the economy and close trade relations with EU countries have brought Vietnam advantages and positive contributions to promoting inter-regional cooperation.
Mr. Charaf Kadri, General Director of Sandoz Vietnam, a pharmaceutical company founded in 1886 in Switzerland, said that Europe has witnessed the outstanding growth rate and dynamism of the Vietnamese economy in recent decades.
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| Prime Minister Pham Minh Chinh attended and delivered a speech as a keynote speaker at the discussion session "Lessons from ASEAN" within the framework of the WEF Davos 2024. (Source: VGP) |
"Vietnam's attractiveness is increasing. Vietnam is a favorite destination for foreign investment, especially when the world enters a new era of artificial intelligence as a driving force for growth and green economy," Mr. Charaf Kadri pointed out.
According to Mr. Charaf Kadri, the Vietnam-EU cooperation relationship has been further enhanced after Prime Minister Pham Minh Chinh’s recent European visit to attend the 54th Annual Meeting of the World Economic Forum (WEF) in Davos, Switzerland, which could bring in foreign investment projects from all 27 EU member states. Recently, Vietnam has become an important link in the trend of diversifying the global supply chain and has made many important contributions to this shift.
Through the WEF, the Prime Minister has demonstrated Vietnam’s interest in the development of the world economy as well as let the world know about the unique economic development potential of Vietnam and the ASEAN region. From there, Vietnam has become an important geopolitical partner and consolidated Vietnam’s position as a leading destination for global investors.
Cooperation and sharing of experiences on green growth
Along with enhancing economic and trade exchanges, cooperation and experience sharing in responding to climate change are also key areas that Vietnam and the EU are interested in promoting. Despite being a developing country, Vietnam still places high priority and is determined to successfully implement its commitments at the 26th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP26), striving to achieve the goal of net zero emissions by 2050.
Vietnam and the EU are actively implementing cooperation initiatives on green and sustainable energy transition. With the coordination of the UK and the EU, the Joint Energy Transition Partnership (JETP) with Vietnam is being considered by the Group of Seven (G7) leading industrialized countries. Vietnam has built political and technical contacts for the implementation of this initiative.
Green growth, low carbon emissions and energy transition towards sustainable development are irreversible global trends and Vietnam is no exception. Green transition is both a strength of the EU and an area in which the EU is a global pioneer in shaping global green regulations and standards that impact Vietnam.
In the coming time, the EU will begin implementing initiatives under the European Green Deal (EGD), including the application of the Carbon Border Adjustment Mechanism (CBAM), which is expected to directly and indirectly affect Vietnam's exports to the EU market.
Speaking to the press at a regular press conference on January 25, Foreign Ministry Spokesperson Pham Thu Hang affirmed: “Participating in the 3rd Indo-Pacific Ministerial Forum is an opportunity for Vietnam to strongly promote relations with the EU and its member countries, share and learn international experiences in areas where both sides have strengths and interests, contributing to mobilizing resources to realize Vietnam's development goals, including green growth and response to climate change.”
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![[Photo] Prime Minister Pham Minh Chinh chairs Government Conference with localities on economic growth](https://vstatic.vietnam.vn/vietnam/resource/IMAGE/2025/2/21/f34583484f2643a2a2b72168a0d64baa)
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