Trade and investment agreements develop the commercial dimension of bilateral relations BETWEEN the EU and Vietnam, which are grounded and governed by the EU-Vietnam Framework Agreement on Partnership and Cooperation, which came into force in October 2016. Second, a large part of the direct export interest in Vietnam. The data below show that more than 70% of Vietnam`s exports are related to FDI. EU investors will therefore also benefit from the increase in export capacity resulting from lower import duties in the EU. More importantly, the agreements call on Vietnam to adopt international standards that further increase the prospects for related exports, which are subject to rigorous monitoring of standards in jurisdictions such as the EU. Such agreements illustrate the strength of EU-Vietnam relations and the opportunities Europe sees in the Southeast Asian country. The EU is achieving a long-term goal of increasing its influence and expansion in ASEAN markets by targeting Vietnam, and European entrepreneurs will have better access to one of the fastest growing Asian economies when the agreements come into force. Despite the interruption of the coronavirus pandemic and the slowdown in the global economy, Vietnam is expected to continue to record economic growth of 4.8% this year, returning to 6.8% in 2021. The conclusion of the UK-Vietnam Free Trade Agreement by the end of 2020 is a realistic target for three reasons. EUROPA and EUVIPA come into this context. This is one of many measures taken by the Vietnamese government to increase Vietnam`s production and export capacity.
Free trade agreements have also been a tool of choice. There are currently 12 free trade agreements that Vietnamese exporters can use by entering into agreements with major markets such as Japan, Canada and South Korea. In each case of FTA, export growth was in double digits. The Bilateral Trade Agreement between the United States and Vietnam (BTA) is a comprehensive document on trade in goods, protection of intellectual property rights, trade in services, investment protection, business facilitation and transparency. The 140-day agreement, which lasted nearly five years, is highly technical and was drafted in accordance with the World Trade Organization (WTO) and other international trade and investment principles. The BTA can essentially be summarized as a commitment by both parties to create the necessary conditions for the products, businesses and nationals of the other party to have equitable access to competition in the other party`s markets. Vietnam, which became the 150th member of the WTO in 2007, promised, after its accession, to fully comply with WTO agreements on customs assessment, technical barriers to trade (OTC) and health and plant health measures (SPS). The United States and Vietnam concluded a bilateral trade agreement (BTA) in 2000 that came into force in 2001.
Vietnam currently enjoys trade preferences with the EU under the generalised preference system. The agreement allows EU companies to award public contracts, among others, with Vietnamese ministries, including for infrastructure such as roads and ports, major state-owned enterprises such as the electricity supplier and the national rail operator, public hospitals and the two largest Vietnamese cities of Hanoi and ho Chi Min. With regard to investment protection, both sides have already accomplished much, including agreement on important protection provisions, such as national treatment, and an agreement on key rules for material investment protection. The establishment of an independent investment judicial system, excluded from the ASEAN package, will enable the establishment of a permanent investment dispute settlement mechanism, which is the EU`s third largest trading partner outside Europe after the United States and China. Ensuring better access for EU exporters has