The conclusion of the decade-long talks on the Vietnam-European Free Trade Association (EFTA) FTA will help the former diversify its export markets and deepen international economic integration, a top Vietnamese official said.
The FTA is also expected to attract high-quality investment into Vietnamese sectors like high technology, processing and manufacturing industries, clean energy and green transition.
The FTA will create fresh opportunities for trade, investment and sustainable growth as the global economy continues to face challenges from geopolitical tensions, climate change, supply chain disruptions and trade barriers, Tan told journalists recently.
While the EFTA countries lead in technology, innovation, finance, clean energy and sustainable development, Vietnam has emerged as one of Asia’s most dynamic economies and an increasingly important manufacturing, trade and investment hub in the region, he was cited as saying by domestic media outlets.
The FTA is also expected to attract high-quality investment from the EFTA countries into Vietnamese sectors like high technology, processing and manufacturing industries, clean energy, green transition, innovation and human resources development.
Such investments could bring advanced technologies, modern management expertise and sustainable development models, he said.
Cooperation with EFTA partners will help Vietnamese enterprises enhance their competitiveness, gradually meet higher international standards and participate more deeply in global value chains, he added.
Fibre2Fashion News Desk (DS)
