Vietnam has emerged as the EU’s largest trading partner in ASEAN, with bilateral trade reaching nearly EUR64 billion ($74.9 billion).

The European Union (EU) and Vietnam have agreed to set up a special joint task force to address outstanding issues and ensure smoother implementation of the EU-Vietnam Free Trade Agreement (EVFTA), European Commissioner for Trade and Economic Security Maros Sefcovic announced at a press conference in Hanoi on September 26.

The decision was made during the EVFTA committee meeting co-chaired by Commissioner Sefcovic and Vietnamese Minister of Industry and Trade Nguyen Hong Dien.

“The task force will analyse and evaluate all concerns in a thorough way to make the agreement more efficient, more balanced, and to help both sides maximise their full potential,” Mr. Sefcovic said, noting that both parties regard the EVFTA as a success five years after the agreement came into force.

Vietnam has emerged as the EU’s largest trading partner in ASEAN, with bilateral trade reaching nearly EUR64 billion ($74.9 billion). Trade in goods alone has expanded by 47% over the past five years. Vietnamese exports to the EU have surged by 60%, adding around $20 billion in value, while EU exports to Vietnam grew by 10%, equivalent to $1 billion.

Source: VnEconomy

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