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Vietnam Expects Economic Boom from EU Trade Deal

A trade deal with the European Union expected to be ratified this year will accelerate growth of Vietnam’s export-reliant economy without help from the U.S. market, analysts say. The European Union-Vietnam Free Trade Agreement signed in 2015 should speed annual economic growth by half a percent to more than 7 percent by 2019, according to data from the business consultancy Dezan Shira & Associates. European Union members Germany, the Netherlands and the United Kingdom already take 9 percent of all exports from Vietnam, and 28 states belong to the whole bloc. Vietnam’s Ministry of Industry and Trade said Tuesday the two sides had finished a legal review of the deal, the Vietnamese Communist Party news website Nhan Dan Online reported. The deal signed by negotiators in December 2015 must pass the European Parliament as well as Vietnamese lawmakers. “It should give Vietnam better access to European markets, not just the...

 

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