Vietnam and the European Free Trade Association (EFTA) are a foundation
for enhancing bilateral trade ties, said a seminar in the central
coastal city of Nha Trang on Sept. 23.
The
seminar on the FTA between Vietnam and EFTA, “Negotiation
possibilities and prospects for trade ties”, drew more than 40 delegates
from Vietnam businesses, State management agencies and policymakers
and representatives from Norwegian and Swiss embassies in Hanoi .
Vietnam – an emerging economy with a considerable improvement
in infrastructure and political stability – has an annual average GDP
growth of 7-8 percent.
Vietnam ’s consumption is predicted to post a 10 percent increase each year and to triple the current figure by 2025.
The trade relationship between Vietnam and the four EFTA members –
Switzerland , Norway , Iceland and Liechtenstein – has
recorded progress.
Vietnam is expected to
export goods worth around 2.3 billion USD to Switzerland and import
goods worth around 559 million USD from the country.
First Secretary of the Norwegian embassy in Vietnam Thea Ottmann said
that EFTA countries have a total population of 13 million people but
achieve a GDP of nearly 1 trillion USD per year and EFTA is the
third-largest partner of the European Union.
EFTA has signed free trade agreements with 31 nations and territories in
seafood, pharmaceuticals, machinery, service and other sectors, she
said.
Vietnam is a potential partner of
EFTA, said Thea Ottmann, noting that both sides have established a joint
group to study the feasibility of setting up the FTA and the content of
negotiations.
Vice President of the Vietnam
Garment and Textiles Association Le Van Dao said that Vietnam ’s
garment and textiles sector posted export revenues of 9.2 billion USD
last year, contributing 15 percent of the country’s GDP and more than 17
percent of the nation’s total export revenues.
The signing of the FTA with EFTA would facilitate Vietnam ’s garment
and textiles exports as EFTA connects with the EU, the major market of
the sector, he said./.
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