When the European Union-Vietnam Free Trade Agreement (EVFTA) was signed four years ago, expectations were high for a transformative economic partnership. Those expectations are now being realized. A new report by EuroCham highlights a significant surge in businesses experiencing substantial benefits. After four years of implementation, Vietnam has become the largest ASEAN exporter to the EU. “The EVFTA has shown that expectations for trade growth between Vietnam and the EU have become a reality,” said Ngo Chung Khanh, deputy director of the Multilateral Trade Policy Department at the Ministry of Industry and Trade, according to local media. Unprecedented access The EVFTA, which came into force on August 1, 2020, marked a pivotal moment in the economic relationship between Vietnam and the EU. Designed to foster deeper economic integration, the free trade deal primarily aims to bring down trade barriers, reduce customs duties, and enhance market access for Vietnamese and EU firms. At its core, the EVFTA is a comprehensive trade deal that seeks to eliminate almost all tariffs on goods traded between the EU and Vietnam. Upon its implementation, 65% of EU exports to Vietnam immediately became duty-free, with the remaining tariffs to be phased out over a decade. Conversely, […]
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