HANOI, (National Times)- Vietnam and the European Union on Thursday upgraded ties to a comprehensive strategic partnership, Vietnam\u2019s highest diplomatic level, as both recalibrate trade during disruptions to global finance driven by U.S. tariff pressure. The upgrade places the EU on the same diplomatic footing as the United States, China and Russia and was announced during a visit to Hanoi by European Council President Ant\u00f3nio Costa. \u201cAt a moment when the international rules-based order is under threat from multiple sides, we need to stand side by side as reliable and predictable partners,\u201d Costa said, adding that the partnership is about \u201cdeveloping spheres of shared prosperity.\u201d Costa arrived in the Vietnamese capital Hanoi after India and the European Union reached a free trade agreement on Tuesday after nearly two decades of negotiation. Vietnam\u2019s President Luong Cuong called the move a \u201chistoric milestone.\u201d The announcement comes less than a week after Vietnam reelected Communist Party General Secretary To Lam as the country\u2019s top leader, endorsing his vision of economic growth driven by aggressive reforms. Vietnam has been a major beneficiary of globalization, emerging as a key export hub for electronics, garments and consumer goods as multinational firms shifted production away from China. That export-led growth has helped lift incomes and transform the economy, but Vietnam\u2019s large and persistent trade surplus has drawn criticism, particularly from the U.S. and increasingly from Europe, where officials have raised concerns about market access. For the EU, the deal strengthens access to one of Asia\u2019s fastest-growing manufacturing hubs and supports efforts to diversify supply chains as trade tensions increase. Bilateral trade in the first 11 months of 2025 reached more than $66.8 billion, up 6.6% from a year earlier. The EU is Vietnam\u2019s fourth-largest trading partner, third-largest export market and fifth-largest import source. Vietnam is the EU\u2019s biggest trading partner in Southeast Asia. Vietnam hopes to continue growth to become a rich nation by 2045 and is aggressively seeking new markets to reduce reliance on the U.S., which is its largest export destination that absorbs about 30% of the goods Vietnam sends abroad. The two sides signed a free trade agreement in 2020.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
HANOI, (National Times)- Vietnam and the European Union on Thursday upgraded ties to a comprehensive strategic partnership, Vietnam\u2019s highest diplomatic level, as both recalibrate trade during disruptions to global finance driven by U.S. tariff pressure. The upgrade places the EU on the same diplomatic footing as the United States, China and Russia and was announced […]<\/p>\n","protected":false},"author":2,"featured_media":119897,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-119896","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international","entry"],"yoast_head":"\n