VNEconomyNews.com - The European Union (EU) will continue to support Vietnam's integration into the global trading and investment system via a new European Trade Policy and Investment Support project starting this year.
Franz Jessen, ambassador and head of the EU delegation to Vietnam, made the statement at the closing ceremony of the Multilateral Trade Assistance Project (MUTRAP) held in Hanoi on May 30.
MUTRAP is indeed one of the longest Trade Related Technical Assistance programs the EU has developed with Vietnam, helping the country formulate laws in conformity with international trade regulations, targeting its own economic development. It has also created greater awareness among Vietnamese exporters on how to access the European market.
Jessen said that the EU has injected 35 million euros into the project and will add 15 million euros to MUTRAP IV, bringing its total funding to 50 million euros.
Nguyen Thanh Bien, Deputy Minister of Industry and Trade (MoIT), said after four years of operation, the project has implemented 70 technical assistance activities.
"The project has helped strengthen the capacity of designing the legal framework and normative documents such as from designing the Competition Law to by-law documents, and continues to help Vietnam establish an appropriate legal framework according to its commitments to the WTO," Bien said.
He stressed that MUTRAP III plays an important role in providing information and disseminating the results of international economic integration and Vietnam-EU trade, economic relationship for the business community and people.