The socio-economic impacts of the two-year-old EU-Vietnam Free Trade Agreement (EVFTA) along with issues that the deal poses for Vietnam were under focus at a scientific seminar held in Hanoi on August 4.

WVR - EVFTA is a win-win agreement for both Vietnam and the EU. European businesses are looking for reliable and dynamic markets. Vietnam is the country that meets that condition.

After two years of enforcement, the EU - Vietnam Free Trade Agreement (EVFTA) has generated initial results, but rising inflation in the EU and the euro depreciation are affecting Vietnamese firms, requiring urgent solutions to those difficulties.

He further cited that last year, Vietnam ranked 11th among exporters to the EU globally. In Asia, the country came fifth, only after China, Japan, the Republic of Korea and India.

During the first six months of 2022, Vietnam enjoyed a significant trade surplus with the EU, at US$15.5 billion – a strong indicator of Vietnam’s economic recovery post-pandemic, and growing Vietnam-EU bilateral trade. Vietnam Briefing analyses growing Vietnam-EU trade relations and the top-performing industries between the two partners.

Local firms have no other alternative but to opt for higher product quality to ensure sustainable exports to the EU market.

The European Union (EU) appreciates Vietnam's potential and wishes to further strengthen cooperation with the country to build a sustainable agricultural product supply chain, Janusz Wojciechowski, EU Commissioner for Agriculture, has said.

Vietnam’s fine art ceramic exports during the first half of the year soared by 6.5% to US$375.59 million on-year as local exporters optimised the opportunities of the EU-Vietnam Free Trade Agreement (EVFTA), according to details given by the General Department of Vietnam Customs.

Ambassador Nguyễn Văn Thảo, Head of the Vietnamese delegation to the EU, presented his credentials to the European Commission President Ursula von der Leyen on July 15

The EU has always been the most important partner of Việt Nam as the latter has always been an attractive investment destination for European firms.