As the EU-Vietnam Free Trade Agreement (EVFTA) approaches its fourth anniversary on August 1, 2024, the latest survey by the European Chamber of Commerce in Vietnam (EuroCham) paints a nuanced picture of the pact's impact.
The EVFTA since its inception on August 1, 2020, has contributed to raising bilateral trade turnover to $57 billion in 2021.
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.
