National Assembly deputies vote to approve the Europe-Vietnam Free Trade Agreement (EVFTA) and the Europe-Vietnam Investment Protection Agreement (EVIPA) (Photo: VNA)

According to the article, the agreements offer Vietnam better access to the Europe, Vietnam’s second biggest export market. The EU, in return, will have access to a rapidly growing market with 100 million consumers. The article said Vietnam is a young and rapidly developing middle-income country with a good education system. 

Signing these agreements has a regional significance, the Italian site pointed out, as Vietnam is a gateway for EU countries to the Association of Southeast Asian Nations (ASEAN) whose members are experiencing fast growth and attracting a lot of foreign investment.
In addition to trade, Vietnam aims to attract foreign direct investment (FDI) with the strategic goal of becoming into a middle-income regional hub and part of the global value chain.The opportunities for growth fueled by FDI are enormous, said the article.
The EU is the largest investor in ASEAN countries, but only the fifth largest FDI partner in Vietnam. To attract more investments, Vietnam needs to satisfy environmental protection, corporate social responsibility, and human resource training standards, the news site suggested.