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(Bloomberg) — Vietnam and the European Union are expected to announce a comprehensive strategic partnership as European Council President Antonio Costa begins his official visit to the Southeast Asian nation on Thursday.
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The agreement, which would be the first for the EU in Asean, follows numerous such deals Vietnam has inked — including with the US, China, Russia, Japan, India, UK, France and Australia — as its global economic and security role grows. Vietnam has signed 17 trade pacts as it seeks double-digit expansion of its trade-reliant economy.
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An upgrade in relations between the EU and Vietnam to a comprehensive strategic partnership would “send a powerful signal in an unsettled world — that the EU and Vietnam are choosing long-term cooperation over short-term hedging,” Costa said in an editorial.
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The expanding ties comes as President Donald Trump’s tariffs have roiled global trade and strained long-held alliances, prompting governments to expand trade and diplomatic ties with more countries.
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“The geopolitical situation is quite critical,” Julien Guerrier, EU ambassador to Vietnam, told reporters in Hanoi Monday.
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The push for upgraded relations “is a message to the world that we want to reinforce our partnerships with countries like India, like Vietnam,” he said.
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The EU is Vietnam’s fourth-largest trading partner, with two-way trade increasing 10%-15% annually to about $73.8 billion in 2025, according to Vietnam government data. The EU is among Vietnam’s top 10 foreign investors, with total FDI reaching about $30 billion.
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Economic ties between the two sides were boosted by the EU–Vietnam Free Trade Agreement, which took effect in 2020 and eliminated nearly 99% of tariffs, according to a post on Vietnam’s government website. The agreement increased bilateral trade by about 40%, Costa said.
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Vietnam and the EU have also established a Defence and Security Dialogue mechanism.
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Closer diplomatic ties “would provide a stronger platform to deepen cooperation in areas that matter most: green energy, advanced technologies, skills, and security,” Costa wrote.
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—With assistance from Cao Ban.
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English (US)