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Since the launch of the EAEU in 2016, bilateral trade turnover has been on a steady rise and reached $630 million in 2021, nearly tripled that of in 2016.

These FTAs have laid the foundation for local businesses to expand their markets and further integrate into the global value chains.

Local companies could further improve their utilization rate of the trade agreement to gain a larger share of the EU market.

VKFTA, which became effective on December 20, 2015, is one of Vietnam’s first bilateral free trade agreements with an economic partner.

The EVFTA since its inception on August 1, 2020, has contributed to raising bilateral trade turnover to $57 billion in 2021.

The UKVFTA has created strong spillovers, not only in trade but also in investment from the UK to Vietnam and vice versa.

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.

The agreement has so far reached the 16th negotiation round.

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.

Canada looked forward to working more closely with ASEAN and take the bilateral relations to a new height.

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.