Hanoi (VNA)- The European Commission (EC) will contribute 10 million euros to a Multilateral Trade Assistance project to help Vietnam fulfill its major socio-economic targets for four years up to June 30, 2012.
The project agreement was signed in Hanoi on June 17 by Minister of Industry and Trade Vu Huy Hoang and Head of the European Commission Delegation to Vietnam , Ambassador Sean Doyle.

Under the accord, codenamed EU-Vietnam MUTRAP III, Vietnam will contribute 670,000 EUR to the project.

MUTRAP III will assist Vietnam to implement its socio-economic development plan and post-WTO action plan for sustained pro-poor economic growth through stronger integration into the global trading system.

The project will focus on capacity building for the Ministry of Industry and Trade (MOIT) in implementing WTO commitments as well as in developing a socio-environmental sustainable trade integration strategy through closer coordination with the private sector, training and research institutions.

It will also assist the MOIT to effectively negotiate and coordinate regional trade related arrangements such as the ASEAN Free Trade Area (AFTA), ASEAN plus dialogue partners and to engage in FTA negotiations with major trade partners, including the EU.

The project is also expected to contribute to strengthening the capacity of competition policy stakeholders.

MOIT Minister Hoang said he believed that MUTRAP III would continue effectively assisting the Vietnamese government in improving its capacity of making trade policy and handling the macro economy.

Ambassador Doyle said he expected the project will enable Vietnamese ministries and industries to address and overcome difficulties in global integration.

MUTRAP kicked off in 1998 to assist Vietnam in WTO negotiations. The first phase lasted from 1998 to 2004 and supported the country in conducting indepth and comprehensive research in domestic economic sectors and industries, laying the foundation for the country’s negotiations for WTO membership. It also contributed to trade competition policy stakeholders during the country’s negotiations for WTO.

The second phase was executed from January, 2005 to June, 2008, and focused on post-WTO assistance. It helped the country tap opportunities while addressing impacts from its WTO membership, increase the policy-making capacity, and raise the competitive edge of Vietnamese-made commodities in a way to meet foreign markets’ requirements.

The EU is among Vietnam ’s major trade partners. Bilateral trade revenues reached 14.2 billion USD in 2007, representing an increase of over 39 percent year on year.