Vietnam and EU Forge Strategic Partnership Amid Global Trade Challenges

Vietnam and the European Union have elevated their diplomatic relations to a comprehensive strategic partnership as they navigate global trade disruptions. This upgrade, announced during European Council President António Costa's visit to Hanoi, aligns the EU with Vietnam's top partners like the U.S., China, and Russia.

Vietnam and the European Union upgraded their ties to a comprehensive strategic partnership on Thursday, marking a significant evolution in diplomatic relations. This new status elevates the EU to the same level as Vietnam's other top partners like the United States, China, and Russia. The announcement was made during the visit of European Council President António Costa to Hanoi.

Costa emphasized the importance of maintaining a reliable partnership amidst threats to the international rules-based order. This partnership aims to foster shared prosperity through collaboration. The announcement follows a recent free trade agreement between the EU and India, highlighting the EU's strategic objectives in the region.

Vietnam's economy has benefited from globalization, becoming a major export hub for electronics and consumer goods. However, its trade surplus has drawn criticism, particularly concerning market access. The new partnership is expected to strengthen EU access to Vietnam's growing markets, as both sides seek diversified supply chains amid increasing trade rivalries.

(With inputs from agencies.)