Vietnam can also use institutional reforms and bilateral cooperation mechanisms and once again confirm to investors that it is the regional investment center for the improvement of technology, human resources and labor productivity. Vietnam`s Ministry of Commerce said signing these agreements will create opportunities to participate in the restructuring of new supply chains amid the effects of the coronavirus pandemic. Vietnam currently benefits from trade preferences with the EU under the Generalised System of Preferences. The bilateral trade and investment agreements concluded by the EU in March 2020 with Vietnam and the trade agreement are expected to enter into force within the summer of Vietnam`s final ratification. After those with Singapore, the agreements with Vietnam are the second between the EU and a Southeast Asian country and provide stepping stones for increased engagement between the EU and the region. The agreement provides for overall preferential treatment for both goods and services, the recognition and protection of geographical indications for more than 200 products, liberalised public procurement rules and cartel and merger obligations. It also contains provisions on sustainable development, including legally binding rules on climate, labour and human rights. As such, it is the most comprehensive agreement to date between the European Union and an ASEAN Member State. The agreements must now be ratified by the Vietnamese National Assembly and, in the case of the Investment Protection Agreement, by EU member states. ALER also strongly supports the sustainable development of infrastructure, including the preference for the use of renewable energy and energy-efficient goods and services. A specific chapter on non-tariff barriers and investments in renewable energy production contains specific rules on licensing and authorisation procedures, compliance with existing international standards and requirements for local content. The AECE covers a wide range of service sectors, including financial services, professional business services, communication services, postal services, related construction and engineering services, health and social protection services, environmental services and transport services.
Many of the concessions offered by each party go beyond the concessions granted under the WTO Agreement on Trade in Services, including packaging services, building cleaning services, interdisciplinary R&D services, and care services. . . .