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The opportunities for the local firms are huge as the EU remains the second-largest import market in the world with a turnover of $2.16 trillion in 2020.

Vietnam and the EU can expect a strong bounce in the development of trade and investment cooperation in the context of the new normal with a solid foundation from the EVFTA.

Intellectual property, labor rights, and environmental protection are issues that Vietnam should focus on to meet requirements from the EU-Vietnam Trade Agreement.

The EU-Vietnam Free Trade Agreement (EVFTA) and the upcoming EU-Vietnam Investment Protection Agreement (EVIPA) would lay the foundation for Vietnam to continue attracting foreign direct investment (FDI) from Europe.

European investors have diversified investments in Vietnam to new fields, including telecommunications, finance, office leasing, retail, hi-tech farming, and pharmacy.

Preferential treatments from the EU-Vietnam Free Trade Agreement (EVFTA) have been best utilized by Vietnamese enterprises among trade deals of which the country is a party.

Vietnamese businesses need to invest in improving competitiveness of their products in both quality and scale to penetrate the European market.

For the first six months of 2021, Vietnam-EU trade turnover rose by 18.4% year-on-year to US$27.67 billion.

Exporters and investors from the EU will have further opportunities to access Vietnam, one of the ASEAN's largest and fastest-growing countries.

SMEs are having huge opportunities for development with the presence of free trade agreements, the Industry 4.0 and new business models.