The 2nd meeting of the Joint Committee under the Vietnam-EU Comprehensive Partnership and Cooperation Framework Agreement (PCA) (Photo: Ministry of Foreign Affairs)

The PCA, which took effect on October 1, 2016, covers trade and economic cooperation, the environment, energy, technology, public governance, tourism, culture, migration, security, corruption, and organized crime.

In 4 years the PCA has made breakthroughs in improving bilateral relations, catching up with development trends, and securing mutual benefits.

Enhancing comprehensive cooperation

Vietnam-EU relations have seen great progress over the last 3 decades. Since implementation of the PCA, bilateral relations have expanded with the signing in 2019 of the Vietnam-EU Free Trade Agreement and the Vietnam-EU Investment Protection Agreement.

The EVFTA came into force in August, 2020, marking a milestone on the path of bilateral cooperation and development. It has given a push to investment and trade, spurring a high-quality investment flow from both sides. The EVFTA has created opportunities for Vietnam to expand its export markets, acquire the EU’s technology and advanced equipment, and attune its policies to international norms.

Deputy Minister of Industry and Trade, Do Thang Hai, said: “The implementation of the EVFTA has generated good results. Many Vietnamese export items are doing well in the EU market. Vietnamese rice and aquaculture products fetch higher prices than before the EVFTA. Some commodities can expect to increase their export volume to the EU.”

The 2nd meeting of the Joint Committee under the Vietnam-EU Comprehensive Partnership and Cooperation Framework Agreement (PCA) (Photo: Ministry of Foreign Affairs)

Win-win

The Vietnam-EU relationship is forecast to enjoy a bright future. After the 2007 Lisbon Treaty which updated regulations for the EU, the EU wants to strengthen its status internationally, particularly its relationship with Asia. Vietnam is the EU’s top partner in Southeast Asia. Enhancing its relationship with the EU’s 27 members suits Vietnam’s foreign policy of multilateralism and balances its relations with world powers.

The Vietnam-EU relationship is reinforced by Vietnam’s bilateral relations, strategic partnerships, and comprehensive partnerships with individual EU members, which have made great progress.

Vietnam’s regional and global status has been elevated, particularly by Vietnam successfully fulfilling its role as ASEAN Chair in 2020 and non-permanent member of the UN Security Council in the 2020-2021 term. Vietnam and the EU have collaborated in responding to global challenges, promoting multilateralism and free trade, and engaging in peace keeping in the Asia-Pacific and the East Sea.

The CPA is proving to be a strong foundation for deepening the Vietnam-EU relationship to secure their mutual interests.