Vietnam and the European Union (EU) on July 2 started the fourth round of negotiations on a bilateral free trade agreement in Brussels, Belgium.
The Vietnamese delegation is led by Deputy Minister of Industry and Trade Tran Quoc Khanh, while the EU delegation is headed by Mauro Petriccone, Director for Asia and Latin America of the European Commission’s Directorate General for Trade.
The start of negotiations for the Vietnam-EU Free Trade Agreement (VEFTA) was officially announced by Minister of Industry and Trade Vu Huy Hoang and the EU’s Trade Commissioner Karel De Gutch in June 2012.
The two sides have gone through three rounds of talks, with the target to complete the negotiations in late 2014.
The latest round is expected to last until July 5.
Once the FTA is signed, it will create a better environment for Vietnam, foster trading activities and bring forward more secured investment for enterprises.
It is also expected to lure greater European investment to Vietnam in the coming time.
EU ranks fourth among Vietnam’s largest FDI partners, with a total committed capital of 1.77 billion USD. The bloc is also an important ODA donor for Vietnam.