EU leaders meet their counterparts from Southeast Asia for a summit in Brussels on Wednesday, looking to bolster ties in the face of the war in Ukraine and challenges from China.

Vietnam has experienced significant market fluctuations this year, but has made progress in expanding the market for its agricultural products.

Vietnam supports the Federation of the European Sporting Goods Industry (FESI) to develop its production system of footwear and sporting goods in the country.

Vietnam is considered by European investors as a potential market, a promising center of the ASEAN region, especially when the country draws international attention to its net-zero emissions commitment by 2050.

China has challenged a move by the United States to block sales of advanced computer chips and chip-making equipment to Chinese companies by launching a trade dispute at the World Trade Organization, calling the measures “trade protectionism.”

The free trade agreement (FTA) between Indonesia and South Korea is set to take effect, after Indonesia’s parliament recently ratified the deal.

In the early hours of Tuesday morning the EU became the first big economy to legislate for a “green tariff” on imports, to be levied on goods that are produced with high carbon dioxide emissions.

Vietnamese enterprises need to make efforts to concentrate resources to increase market share in FTA markets before competitors enter these "playgrounds".

Leaders from Europe and Southeast Asia are hopeful a summit this week will usher in an era of better economic ties and help European producers in Asia diversify away from China.

China has revised its regulations on agricultural imports, making it harder to sell the products to its market, the Plant Protection Department said.