(Vietnam, 26th) — An EU official has said that the President of the European Council, Costa, will visit Hanoi next Thursday (January 29), at which time the EU and Vietnam will elevate their bilateral relationship.
According to Reuters, Costa may become the first leader to meet with General Secretary Nguyen Phu Trong since Trong's re-election as head of the Communist Party of Vietnam.
The official, who requested anonymity, said that preparations to elevate the EU-Vietnam bilateral relationship to the highest level in Vietnam's diplomatic system had been underway for several months but were previously delayed due to scheduling conflicts.
This move will place the EU on the same level as countries such as China, the United States, and Russia, allowing Vietnam to further expand its advanced partnerships in line with its strategy to balance relations among major powers.
The upgrade in bilateral relations is largely symbolic, merely implying more frequent high-level meetings and usually not involving any binding agreements.
One official said that, according to a draft joint statement, the upgrade of EU-Vietnam relations will promote cooperation in multiple fields, including research, technology, energy, and critical minerals. Vietnam possesses abundant resources of rare earths, gallium, and tungsten, but these are often underdeveloped and underutilized.
Vietnam has already signed a series of free trade agreements with multiple partner countries, including the EU.
Since the agreement took effect in 2020, Vietnam's trade surplus with the EU's 27 member states has increased significantly. By 2024, the EU's trade deficit with Hanoi is estimated to have reached 42.5 billion euros (approximately 199.8 billion ringgit).
The EU has repeatedly criticized Vietnam's implementation of the free trade agreement. EU officials have accused Hanoi of setting up various non-tariff barriers to restrict EU imports, but Brussels has so far taken limited countermeasures. Facing increased tariffs imposed by the United States, the EU has made improving relations with economic partners and expanding trade agreements a priority.
The official, who requested anonymity, said that preparations to elevate the EU-Vietnam bilateral relationship to the highest level in Vietnam's diplomatic system had been underway for several months but were previously delayed due to scheduling conflicts.
This move will place the EU on the same level as countries such as China, the United States, and Russia, allowing Vietnam to further expand its advanced partnerships in line with its strategy to balance relations among major powers.
The upgrade in bilateral relations is largely symbolic, merely implying more frequent high-level meetings and usually not involving any binding agreements.
One official said that, according to a draft joint statement, the upgrade of EU-Vietnam relations will promote cooperation in multiple fields, including research, technology, energy, and critical minerals. Vietnam possesses abundant resources of rare earths, gallium, and tungsten, but these are often underdeveloped and underutilized.
Vietnam has already signed a series of free trade agreements with multiple partner countries, including the EU.
Since the agreement took effect in 2020, Vietnam's trade surplus with the EU's 27 member states has increased significantly. By 2024, the EU's trade deficit with Hanoi is estimated to have reached 42.5 billion euros (approximately 199.8 billion ringgit).
The EU has repeatedly criticized Vietnam's implementation of the free trade agreement. EU officials have accused Hanoi of setting up various non-tariff barriers to restrict EU imports, but Brussels has so far taken limited countermeasures. Facing increased tariffs imposed by the United States, the EU has made improving relations with economic partners and expanding trade agreements a priority.