If Vietnam and Europe went on a speed date, we think that it would be a match made in heaven.
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Speed dating might be a relatively new trend on this side of the continent – for those of us old enough to remember what dating was like before Tinder took off – but believe it or not, it has been a part of Vietnam’s vibrant culture for decades. In the northern-most regions of Vietnam, hill tribes meet at ‘love markets’ where the young congregate in the hope of finding a soulmate. In a country that boasts 90 million inhabitants, the equivalent of Belgium and Germany’s combined populations, that’s a lot of dating opportunities!
Those same 90 million people also represent a wealth of opportunity for trade. In 2016, EU-Vietnam trade was worth €42,408 million. That’s €1,345 every single second! Vietnam is developing an increasing appetite for European products and services, in the same way that many urban Europeans have grown accustomed to ordering Pho, the second most popular food in Vietnam, at their local Vietnamese. But it’s not just food that we’re interested in. A trade deal with Vietnam would open up a number of its service industries to Europe, including transport, finance, telecommunications and postal services.
Source: Guide to the EU-Vietnam Free Trade Agreement, Delegation of the EU to Vietnam (2016)
Can’t start the day without a morning cup of coffee? Well we have some good news for you – Vietnam is the second biggest producer of coffee in the world.
A trade deal with Vietnam will allow European business to tap into this new market, and vice-versa, and will result in a 99% reduction of custom duties. This not only offers consumers a broader choice of more affordable goods, but also boosts economies on both sides of the globe. What’s more, over 31 million workers’ jobs in the EU depend on exports. That’s one European worker out of every seven!
You might have tried Pho before, but have you ever added a dash of Phu Quoc fish sauce to your meal? Made exclusively from anchovies harvested from waters surrounding the island of Phu Quoc, in southwest Vietnam, this speciality sauce highlights the importance of protecting our much-loved traditional products. Whether we’re talking about Champagne, Feta, Roquefort and Scotch Whisky in Europe, to Phu Quoc fish sauce or Moc Chau spice in Vietnam, an EU-Vietnam trade deal ensures that traditional products are protected by Geographical Indications (GIs). Not only that, but Vietnamese products will also be subject to strict rules of origin to make sure the highest product standards are met.
Source: Guide to the EU-Vietnam Free Trade Agreement, Delegation of the EU to Vietnam (2016)
Some Italian and Spanish agricultural enterprises say that their business is at risk because Vietnamese imports will push them out of the market.
Actually, the trade agreement introduces 90 million (and counting) new customers for European agricultural products, offering significant business opportunities. The dairy sector stands to particularly benefit from the trade deal, since the Vietnamese dairy market is constantly expanding and relying on European exports. Finally, protection of geographical indications like Queso Manchego or Grana Padano will uphold the reputation of world-famous European agricultural products in Vietnam.
5 out of 7
Vietnam is home to seven UNESCO World Heritage sites and 16% of the world’s species. From Ha Long Bay’s spectacular seascape of limestone pillars to Phong Nha-Ke Bang National Park, home to the world’s largest cave, Vietnam is swimming in natural beauty. It’s only fitting then that Vietnam has committed to various UN-backed sets of environmental standards, ranging from the protection of endangered species and biological diversity to the fight against climate change. Indeed, as part of the trade agreement, the EU and Vietnam have agreed to a special set of provisions fostering trade and investment in renewable energy, and the EU has pledged to work with Vietnam to promote sustainable energy sourcing.
Source: Guide to the EU-Vietnam Free Trade Agreement, Delegation of the EU to Vietnam (2016)
“We’ve always believed that Vietnamese [food and beverage] can, should, and will span as reputable as any other cuisine.”
– Dan Dockery, Son Tinh rice liquor
Son Tinh, Vietnam’s first internationally awarded rice liquor, is traditionally made by families at home. Now its producers want to share its rose apple scent with the world.
