Vietnam's textile and garment exports to the EU could rise ten-fold to $40 billion after the EU-Vietnam Free Trade Agreement takes effect.

The Council of Ministers approved the EU-Vietnam trade and investment agreements, paving the way for their signature and conclusion.

President of the France-Vietnam Friendship Group at the French National Assembly Stephanie Do said the group strongly backs the signing and ratification of the EU-Vietnam Free Trade Agreement (EVFTA), which she described as a gateway for EU and Vietnam to access each other’s market more easily.

The European Union - Vietnam Free Trade Agreement (EVFTA) plays an important role in the promotion of bilateral economic and trade exchange, bringing about benefits for both sides, head of the France-Vietnam Friendship Parliamentarians' Group Stephanie Do told Nhan Dan Online.

A workshop held recently in Perugia, Italy, discussed opportunities for business investments between Vietnamese and Italian firms once the EU-Vietnam Free Trade Agreement (EVFTA) come into effect.

The EU-Vietnam Free Trade Agreement (EVFTA) and Industry 4.0 are two significant factors that should be utilized to help guarantee success in the next phase of Vietnam’s development, heard a conference held in Hanoi on March 14.

EuroCham members believe that the detailed recommendations outlined in the Whitebook will help to make Vietnam a more competitive, attractive and business-friendly trade and investment environment.

In addition to benefiting from import tariff cuts, under the EU-Vietnam Free Trade Agreement, European businesses will be able to have their products protected in Vietnam, to which they can boost exports on account of the nation’s commitments in protection of geographical indications.

The European Commission (EC) had earlier announced it would dispatch a working team to Vietnam last month to review the country’s efforts to handle illegal fishing. However, it missed the scheduled date, so the yellow card for the country’s seafood remains in place, Thanh Nien Online newspaper reported.

There is no doubt that the EVFTA would create a turning point in Vietnam – EU relations, said Nicolas Audier, co-chairman of the European Chamber of Commerce in Vietnam (EuroCham), in an interview with the Dau Tu (Investment) Newspaper.