Evfta

The EU-Vietnam Business Council is meant to support the Vietnamese business community to tap into the potential of the EU-Vietnam Free Trade Agreement.

Both Vietnam and the UK are looking for a trade deal after Brexit.

In one month and a half, the amount of Vietnamese goods and products that benefit from EVFTA’s preferential treatment is equivalent to that of the CPTPP throughout 2019.

In addition to higher trade turnover, the implementation of the two new-generation and high-standard deals is pushing Vietnam to revise its legal framework to ensure compatibility.

This is one of large-scale projects of European investors after the EU – Vietnam Free Trade Agreement (EVFTA) came into force in early August.

The EU is the second largest import market in the world, accounting for 14.9% of total global imports, and Vietnam’s second largest export market.

The Vietnamese exporters have taken advantage from the EU-Vietnam free trade agreement to increase exports to the EU.

In addition to the ratification of new laws, Vietnam’s participation in high-standard FTAs ensures the country’s status among attractive investment destinations, Prime Minister Nguyen Xuan Phuc has said.

The fact that Vietnam is already a top trade partner with the EU despite not having an FTA in place highlights the opportunities that the EVFTA will create for Vietnamese seafood producers.