EU and Vietnamese flags

© Fotolia.com/Aleksandar Mijatovic

The EU and Vietnam signed joint free trade and investment protection agreements in Hanoi today. Economic Affairs Minister Peter Altmaier said:

“With the signing of the EU-Vietnam agreements, we are sending out another important signal for rules-based trade and against growing protectionism after the breakthrough in the negotiations with Mercosur. Vietnam is a high-growth market with enormous potential for European goods and services. The free trade and investment protection agreements with Vietnam secure both access of our products to this increasingly important market and investment of German companies in the country. It is also essential that the EU and Vietnam have agreed on very ambitious rules and high standards, especially as regards sustainability.”

In 2018, the volume of German-Vietnamese trade totalled €13.8 billion; €9.7 billion thereof was accounted for by imports from Vietnam and €4.1 billion by German exports to Vietnam.