Vietnam, EU hail progress on free trade agreement

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Vietnam’s prime minister on Monday (Aug 25) hailed progress in free trade talks with the European Union, saying a deal could be concluded as early as October. Prime Minister Nguyen Tan Dung was speaking after meeting European Commission head Jose Manuel Barroso, who is in Hanoi to discuss issues including trade and security.

Dung told reporters the pair had held “open, candid talks” and called for a deepening of economic ties between Vietnam and the EU, including achieving “the goal of concluding FTA (Free Trade Agreement) negotiations by October 2014.” Discussions were launched in 2012.

In 2013, EU-Vietnam trade was worth around €27.6 billion (S$46 billion). The EU is already Vietnam’s largest export market and second largest trading partner after China. Vietnam exports mobile phones and other electronics, footware and textiles, and agricultural products including coffee, rice and seafood to the EU. The EU is also one of the largest foreign investors in Vietnam.

Barroso said there had been “good progress in (FTA) negotiations and I look at this agreement with great optimism.” The FTA will boost employment and growth in both Vietnam and the EU and would help Vietnam with ongoing reforms of its state-dominated economy, Barroso said, adding he had discussed current tensions in the South China Sea with Dung.

Hanoi is locked in a bitter maritime dispute with Beijing over disputed waters and island chains in the South China Sea. In May, Beijing moved a deep sea oil rig into waters that Hanoi claims, setting off violent anti-China riots in Vietnam and triggering a high-seas standoff around the rig. Beijing removed the rig in July, claiming its mission has been successfully completed.

“The EU has high stakes in the region – trade and strategic interests, as well as energy and security dimensions,” Barroso said. “The EU does not take a position on individual claims but we strongly encourage all partners to seek peaceful solutions in accordance with international law,” he added.

 

Source : Channel News Asia | August 25, 2014

Thomas D’Innocenzi

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About thomasdinnocenzi

Thomas D'Innocenzi is a highly accomplished, results-focused senior international executive with extensive experience in global sourcing and market development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global sourcing operations worldwide. Extensive experience in international market development operations to accommodate rapid growth. Skilled in building top-performing teams, benchmarking performance, and restricting organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. As principal of Nova Advisors, LLC I’ve assembled an exemplary team that brings with them the knowledge and experience gained from starting up a Global Sourcing program with multiple Fortune 500 companies as well as the largest supplier network throughout the Asia-Pacific region. We have experience and expertise in more than a thousand medical and pharmaceutical products in manufacturing and sourcing at the best value. The right product, the right price point and the right branding fueled these successes that resulted in double-digit growth for top line sales and bottom line net margins for our customers. What sets us apart: • Our reach includes a large network of suppliers & manufacturers spanning 13 countries in Asia-Pacific region • We understand the manufacturing process and the business of the supplier and the buyer • Our company culture is based on quality assurance and our process is based on local quality control Our commitment is to be your partner offering the best products and services at the lowest cost. Contact me to discuss how we can make the global marketplace work for you. thomas@novaadvisors.com In addition, I am open to discussing opportunities in global sourcing, international marketing & sales, logistics and medical/pharma in Thailand, Vietnam, Malaysia, Philippines & Japan. Aside from my work I enjoy piano, astronomy, physics, and assisting my daughters with their studies. SPECIALTIES: Global Sourcing, Supply Chain Management, Business Development, Marketing, Logistics, Global Networking, Market Development, Healthcare Solutions, Pharmaceuticals, Medical Devices, Technology, Asia, Southeast Asia, US and Canada
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