Hanoi, The Gulf Observer: Vietnam and the European Union (EU) have reaffirmed their commitment to strengthening economic and trade cooperation, promoting sustainable investment and developing new value chains at the Vietnam-EU Economic and Trade Cooperation Forum 2026, held in Hanoi on November 4.
The forum, themed “Shaping the Future Green Economy & New Value Chains,” was jointly organised by Vietnam’s Ministry of Industry and Trade, the EU Delegation to Vietnam, the EU-ASEAN Business Council (EU-ABC) and the European Chamber of Commerce in Vietnam (EuroCham).
Addressing the gathering, Deputy Minister of Industry and Trade Lương Hoàng Thái said the ninth edition of the forum provided an important platform for regular dialogue between government agencies and the business community on policy development, market expansion, trade connectivity and investment opportunities.
He noted that Vietnam was pursuing ambitious economic objectives, including maintaining macroeconomic stability, achieving average annual GDP growth of at least 10 percent during 2026–2030 and becoming one of the world’s 30 largest economies by 2030.
Thái highlighted that 2026 marked a new chapter in Vietnam-EU relations following the elevation of bilateral ties to a Comprehensive Strategic Partnership. Together with the Vietnam-EU Free Trade Agreement (EVFTA), the upgraded relationship provides a strong foundation for expanding trade and investment cooperation.
He noted that bilateral trade had maintained positive growth more than six years after the EVFTA entered into force, with two-way trade exceeding US$65 billion during the first nine months of 2026, representing an increase of nearly 20 percent compared with the corresponding period last year.
The EU is Vietnam’s fourth-largest trading partner, third-largest export market and sixth-largest import market. Meanwhile, Vietnam is the EU’s largest trading partner in ASEAN and its ninth-largest supplier of goods.
Thái expressed Vietnam’s desire for the EU to remain a key export destination and become a strategic partner in upgrading trade, strengthening industrial linkages, enhancing economic autonomy and adopting higher sustainability standards.
He said Vietnam aimed to expand exports of technology-intensive, deeply processed and high-value-added products while increasing imports of advanced machinery, equipment, materials, green technologies and circular energy solutions from Europe.
Highlighting the EU’s technological capabilities, management expertise and financial resources, he called on European partners to expand technical assistance, technology transfer and investment in green and digital transformation, energy transition and circular economy initiatives.
He also stressed the importance of translating commitments under the Just Energy Transition Partnership (JETP) into tangible financial and technological support for Vietnam.
EU Ambassador to Vietnam Julien Guerrier reaffirmed that Vietnam remained a strategic partner of the bloc, noting that the elevation of bilateral relations had generated fresh political momentum for cooperation.
He emphasized that the full and effective implementation of the EVFTA was essential to unlocking the agreement’s potential, particularly through ensuring fair market access and establishing a stable, transparent and predictable business environment.
Guerrier said the EU supported Vietnam’s efforts to strengthen law enforcement, move from pre-inspection controls towards risk-based management and ensure more consistent implementation of regulations across localities.
Such reforms, he noted, would strengthen investor confidence, reduce business costs and encourage high-quality European investment.
He also identified significant cooperation opportunities in renewable energy, the circular economy, sustainable manufacturing, aerospace, seaports, airports, logistics, semiconductors, digital transformation, strategic minerals, healthcare, biotechnology and high-tech agriculture.
EU-ABC Vice Chairman Noel Clehane observed that Vietnam was well positioned to attract a larger share of European investment, manufacturing activities, technology and business partnerships within ASEAN.
However, he emphasized the importance of prioritising high-quality, long-term investments that generate greater added value for the Vietnamese economy.
He said European investment could provide advanced technologies, technical expertise, workforce development opportunities and stronger connections with Vietnamese enterprises, enabling the country to integrate more deeply into regional and global value chains.
Energy cooperation also featured prominently during the discussions.
Deputy Director of the Electricity Authority of Vietnam under the Ministry of Industry and Trade, Trịnh Quốc Vũ, said the country’s commitment to achieving net-zero emissions by 2050, alongside its ambitious economic growth targets, was creating increasing demands on energy security and infrastructure.
He called on European companies to participate more actively in implementing the revised Power Development Plan VIII through investments in electricity generation and grid infrastructure, technology provision, technical solutions and international financing.
Vietnam also seeks to strengthen cooperation with European partners in developing renewable energy supply chains, particularly in offshore wind power, to meet domestic energy requirements and explore opportunities in international markets.
The forum underscored the growing importance of Vietnam-EU economic relations and highlighted opportunities for deeper cooperation in sustainable development, technological innovation, energy security and investment, contributing to stronger economic connectivity between Vietnam and Europe.
