(VOVworld) – The first-ever conference on the EU-Vietnam Free Trade Agreement (EVFTA) was held on Wednesday to introduce the agreement’s benefits to European firms.

Vietnam’s Deputy Minister of Industry and Trade Tran Quoc Khanh highlight Vietnam's favorable conditions to attract investment. (Photo: VOV)

At the event, European speakers highlighted the significance and benefits of the deals. Negotiations were concluded in late 2015 and the agreement will be signed next year. EU chief negotiator Mauro Petriccione underscored the strategic importance of the agreement with a dynamically developing Vietnam, which has potential markets and an abundant labor force.
He added that Vietnam acts as the gateway for EU companies to expand their markets in ASEAN countries. Petriccione told VOV: “At the conference, we explained why the Free Trade Agreement is significant to both the EU and Vietnam. We addressed concerns of the EU companies and will provide them with more detailed information.”     

Vietnam’s Deputy Minister of Industry and Trade Tran Quoc Khanh said: “EU firms are interested in the agreement which will enable them to access markets in Vietnam and other ASEAN countries with a combined population of 600 million people. Moreover, Vietnam has trade agreements with almost all major markets, including Russia, Japan, Australia, China, India, and maybe the US and Canada once the Trans-Pacific Partnership agreement is adopted.”