(VOVworld) – Vietnam needs to prepare in order to make the most of opportunities created by the EU-Vietnam Free Trade Agreement (FTA), said Vietnamese Ambassador to the EU Vuong Thua Phong. In an interview with Radio the Voice of Vietnam, Phong said the EU-Vietnam FTA will be the most comprehensive agreement Vietnam has even signed with an overseas partner, spanning investment, trade, government procurement and services, intellectual property rights, labor rights, and other issues related to sustainable development. Once this agreement is signed, many traditional Vietnamese goods including agricultural products will face fierce competition. He said: "If our goods are not qualified, they will be rejected by customers, even in our domestic markets. They will face fierce competition from EU products, especially vegetable and dairy products, which have long been renowned for their quality. Under this agreement, Vietnam must amend its policies and regulations to make them fit the new situation."