EU, Vietnam closer to free trade talks

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The EU and Vietnam are moving closer to opening negotiations on a free trade agreement, which can help resolve all the issues related to anti-dumping, the EU ambassador to Vietnam said on Wednesday.

This comment was made at the release of the EU's annual trade and commercial counselors report 2010, called the Green Book, in which the delegation praised Vietnam's efforts in weathering the global crisis.

"We're confident that for Vietnamese exports, the worst is probably over now," said Sean Doyle, EU ambassador and head of the EU delegation to Vietnam.

In the report, the EU suggested the government invest more resources in establishing a local supply chain for Vietnam's export-oriented industries, which could help the country deal with a growing trade deficit and a greater imbalance of national accounts.

However, EU ambassador Doyle noted that Vietnam's lack of a domestic supply chain has continued to lead the country to import large amounts of raw materials and machinery.

The report also pointed out the need for Vietnam to restructure its public sector, which continued to produce less, export less and create less employment than private companies and foreign-invested enterprises in 2009.

The EU remained the second biggest overseas market for Vietnamese goods, absorbing 20.4 percent of products made in Vietnam in 2009.

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