Vietnam and the EU signed their bilateral free trade agreement and investment protection agreement
After a nearly 9-year journey, this Sunday 30 June, the EU-Vietnam Free Trade Agreement (EVFTA) and EU–Vietnam Investment Protection Agreement (IPA) will be signed in Hanoi, following the approval of the EU Council earlier this week. Bayer congratulates the governments of European Union and Vietnam towards this remarkable signing event.
Vietnam is one of the 10 members of the Association of Southeast Asian Nations (ASEAN) and has become the EU's second country as trading partner through free trade agreement in the region after Singapore.
The EVFTA promises to bring Vietnam and Europe closer together. Once ratified, trade and investment will grow, bringing positive benefits for business and consumers on both sides.
Vietnam has long been a favored investment destination and European businesses have long been proud contributors to the Vietnamese economy and, Vietnamese society. With the present for this EVFTA this will enhance broad and expanding relationships in many key areas, resulting in the creation of jobs, development of expertise and innovative know how transfer, generation of tax revenues, and the introduction of cutting-edge, as well as provision of many new goods and services to the benefit of consumers.
The strong commitment to an open, fair and rules-based trade of the agreement will further widen export markets for Vietnam. The improved regulatory cooperation and coherence through this EVFTA will bring advantage to Vietnam towards international rule alignment which this will benefit not only to attract the foreign investors but bring advantage to Vietnamese society to access high quality of products. Besides offering significant economic opportunities, the EU and Vietnam have agreed strong sustainable development measures.
As we are a global company with roots in Germany with our key businesses in healthcare and agriculture and a presence in more than 90 countries worldwide, international trade is essential for our business. The company’s business depends on a complex value chain with R&D being conducted in many different places, geographically spread production, and largely nationalized regulatory environments.
EVFTA will create considerable opportunities for Vietnam’s agriculture as it will help to boost agricultural exports, improve the sector’s competitiveness and promote Vietnam’s international economic integration. The EU is currently the second largest market for Vietnamese exports of key produce and commodities such as coffee, cashew nuts and pepper. We also see the opportunity for Vietnam agricultural sector in access of innovation and technology to enhance prosperity of farmers through productivity incentives and contribute to economic development sustainably.
For health care sector in Vietnam, there are opportunities to strengthen high-quality services through innovation and infrastructure investments. Bayer, together with the healthcare industry, is ready to join hands with the government to support such developments and share international practices to benefit the patient access to better quality of treatment in Vietnam.
We are looking forward to further institutional and policy reforms after the EVFTA ratification: such reforms can consequently create favorable conditions to promote the business and investment environment. We will truly commit to promote Vietnam’s advantages and potentials in agriculture and healthcare sector sustainably.
With our leading innovation, Bayer is ready to have further close co-operation and partnership with the Government and relevant stakeholders to achieve the national action plans in the respective areas to ensure the effective implementation of the EVFTA agreements.
Bayer is a global enterprise with core competencies in the life science fields of health care and nutrition. Its products and services are designed to benefit people by supporting efforts to overcome the major challenges presented by a growing and aging global population. At the same time, the Group aims to increase its earning power and create value through innovation and growth. Bayer is committed to the principles of sustainable development, and the Bayer brand stands for trust, reliability and quality throughout the world. In fiscal 2018, the Group employed around 117,000 people and had sales of 39.6 billion euros. Capital expenditures amounted to 2.6 billion euros, R&D expenses to 5.2 billion euros. For more information, go to www.bayer.com, www.bayer.com.vn
This release may contain forward-looking statements based on current assumptions and forecasts made by Bayer management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Bayer’s public reports which are available on the Bayer website at www.bayer.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.