(VOVWORLD) - The EU-Vietnam Free Trade Agreement’s rules on labor and environment will benefit both sides, said Chang-hee Lee, Director of the International Labor Organization office in Vietnam, after the European Parliament voted to ratify the document Wednesday.
 The European Parliament voted to ratify EVFTA on Feb. 13, 2020 |
Mr. Lee said the EVFTA will help Vietnam achieve sustainable development and ensure that the current growth is not achieved at the expense of future opportunities.
Peter Altmaier, German Federal Minister for Economic Affairs and Energy, said the EVFTA and the EU-Vietnam Investment Protection Agreement, or EVIPA, offer significant business opportunities for European enterprises. With the two pacts, it will be much easier for European commodities to enter the Vietnam market, he said, calling the two documents’ ratification a vital signal for free trade and protectionism prevention.
Czech journalist Ondej Houska said the EVFTA will bring great benefits to Czech companies as all tariffs are gradually removed.
Bernd Lange, Chairman of the EP’s Committee on International Trade, called the ratification agreements a big success for the EP. He said:
“I believe dialogue is the only way for the EU and Vietnam to overcome differences and improve people’s lives. I am happy that the European Parliament and Vietnam established joint committees to monitor implementation of EVFTA and EVIPA and maintain close cooperation. This is a big achievement for the EP.”
Geert Bourgeois, EP member and EVFTA rapporteur, said the two agreements will create great opportunities for Vietnam’s enterprises. He said: "The EVFTA will only bring more opportunities to Vietnam. Vietnam will continue to export more than it imports from the EU. The EU is one of the world’s biggest markets, even after Brexit.”