Adherence to the EU sustainability regulations would strengthen Việt Nam’s existing trade relations with the bloc and offer new development opportunities for the country, a forum heard in HCM City in November 2023.Speaking at the Việt Nam-EU Trade Forum on “Sustainability – The Pathway to Create Future Value Chains,” Tạ Hoàng Linh, director general of the European – American Market Department, said the EU is now Việt Nam’s third largest export market and fifth largest import market.Việt Nam has surpassed Singapore to become its largest trading partner among ASEAN members and is its 11th biggest supplier of goods.The Việt Nam-EU Free Trade Agreement (EVFTA), which took effect in August 2020, has enabled Vietnamese and EU goods to access each other’s markets, meeting the supply diversification needs of both sides, he said.EuroCham Chairman Gabor Fluit said Việt Nam's commitment to responsible environmental management and sustainable energy gives it a competitive edge.“By setting comprehensive green benchmarks in response to the growing demand for eco-friendly commodities and products, Việt Nam becomes a more dependable export market. This, in turn, encourages fresh European capital inflows and business opportunities in Việt Nam while simultaneously fostering consumer trust. This route also promises to create jobs and long-term prosperity.”Within this framework, adherence to EU regulations like the carbon border adjustment mechanism (CBAM) and the corporate sustainability due diligence directive (CSDDD) is key to strengthening Việt Nam-Europe economic ties, he said.Việt Nam's embrace of carbon pricing policies in line with CBAM will keep its exports competitive, and adhering to the CSDDD directives demonstrates its commitment to transparent, sustainable business practices, he said.Airbus is determined to expand its supply chain in Việt Nam though it is not an easy task, Hoàng Tri Mai, the European aircraft maker’s chief representative in Việt Nam, told the forum. The aviation industry is taking steps towards reducing CO2 emissions, including introduction of new-generation aircraft and moving from conventional fuel to sustainable aviation fuel or SAF, she said. (ICE HO CHI MINH CITY)

Fonte notizia: Vietnam News