Vietnam Praises EU Support for Socioeconomic Development and Global Integration

Hanoi, The Gulf Observer: Vietnam highly values the European Union’s assistance in its socioeconomic development and global integration, stated Foreign Minister Bùi Thanh Sơn at a press conference following his discussions with Josep Borrell Fontelles, High Representative of the EU for Foreign Affairs and Security Policy.

Fontelles led the EU delegation to attend the funeral of the late Party General Secretary Nguyễn Phú Trọng, acknowledging his significant contributions to Vietnam’s enhanced global standing and the strengthening of Vietnam-EU relations.

Positive progress has been observed in all areas of cooperation between Vietnam and the EU, marked by four cooperation agreements and eight dialogue mechanisms. Vietnam is the first ASEAN country to establish comprehensive cooperation with the EU, encompassing politics, trade, national defense, and security.

The EU stands as the largest non-refundable aid provider to Vietnam and a leading trade-investment partner. The EU-Vietnam Free Trade Agreement (EVFTA), in effect for four years, has fostered notable progress. Bilateral trade turnover reached US$58.5 billion in 2023, with the first six months of 2024 seeing a 16% year-on-year increase to $24.7 billion. The EU is also the fifth-largest investor in Vietnam, with nearly $30 billion in accumulated foreign direct investment (FDI). Concurrently, Vietnam is the EU’s largest trade partner in ASEAN and 16th globally.

Foreign Minister Sơn urged the EU to continue its official development assistance (ODA) to Vietnam through both bilateral and multilateral channels, focusing on key sectors such as public governance capacity, green economy, digital economy, circular economy, and sustainable fisheries. He also requested the EU recognize Vietnam’s efforts in combating illegal, unreported, and unregulated (IUU) fishing and to soon lift the ‘yellow card’ on Vietnamese seafood exports.

Additional areas for cooperation include the ratification of the EU-Việt Nam Investment Protection Agreement (EVIPA) and the Just Energy Transition Partnership (JETP). Fontelles reaffirmed the EU’s support for Việt Nam’s net-zero commitment through JETP, emphasizing the need for accelerated progress based on project priorities and institutional reforms.

Vietnam welcomed the EU’s positive role in the Indo-Pacific through initiatives and strategies aimed at strengthening EU-region cooperation. Besides endorsing the EU’s Global Gateway Initiative, Vietnam also supported enhancing the ASEAN-EU Strategic Partnership.

In discussions on regional and international issues of mutual concern, Vietnam appreciated the EU’s role and contributions in maintaining peace, stability, cooperation, and freedom of navigation and aviation in the East Sea (internationally known as the South China Sea) in accordance with international laws.