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. In some service sectors, such as telecommunications, foreign participation rates for EU investors in Vietnam are increased. The agreement also obliges Vietnam and the EU to include in future all new service commitments that a party concludes with third countries in the AICE. The EU and Vietnam have agreed on a robust and comprehensive chapter on trade and sustainable development, which contains an exhaustive list of commitments, including: the PCA governs the general relationship between the EU and Vietnam. It is based on common interests and principles such as equality, mutual respect, the rule of law and human rights. It extends cooperation in areas such as trade, environment, energy, science and technology, good governance, tourism, culture, migration, the fight against terrorism and the fight against corruption and organised crime. It also enables Vietnam and the EU to further improve cooperation on global and regional challenges, including climate change, terrorism and the non-proliferation of weapons of mass destruction. In the area of intellectual property rights, Vietnam is committed to achieving a high level of protection that goes beyond the standards of the WTO TRIPS Agreement. This agreement better protects EU innovations, works of art and trade marks against illicit copying, including through stricter enforcement rules. 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.
The Vietnamese Ministry of Commerce said the signing of these agreements will create opportunities to participate in the restructuring of new supply chains amid the effects of the coronavirus pandemic. . . .