European Union (EU) officials plan to press Vietnam tomorrow to lift administrative barriers on EU goods, as the bloc’s trade deficit with Hanoi expands amid global trade tensions, according to two European officials and a draft document.

Amid intensifying geo-economic competition and complex supply chain shifts, the EVFTA has emerged as a pillar of Việt Nam’s open-door policy and sustainable development strategy.

To maximize the benefits of the European Union-Vietnam Free Trade Agreement (EVFTA), Vietnamese enterprises must adopt strategies for digital and green transformation.

This is the second time VITAS has taken part in the prestigious fair, which only admits businesses meeting strict international standards.

The EU is among the world’s top three importers of farm produce, but Vietnam holds only a 2% share – still modest compared to its agricultural production capacity and potential, which indicates vast growth potential in the EU if backed by a proper strategy.

Vietnamese products, particularly home and outdoor décor, handicrafts, fashion, gifts, and lifestyle goods enjoy ample growth potential in the EU market thanks to its strong purchasing power, diverse demand, and high market openness.

Despite these headwinds, the deal has proven highly effective, pushing Vietnam to the top of the EU’s trading partners in Southeast Asia and the EU as Vietnam’s fourth largest trading partner globally, with electronics, apparel, and footwear driving the country’s ascent in the global value chain.

Five years after the EU-Việt Nam Trade Agreement was signed, Julien Guerrier, EU Ambassador to Việt Nam looks at ways to further unlock its full potential to deepen cooperation between the EU and Việt Nam.

The EU-Vietnam Free Trade Agreement (EVFTA) is a powerful catalyst for growth, helping both countries navigate global challenges such as the COVID-19 pandemic, geopolitical tensions, and inflation.

Since the EVFTA kicked in, trade between Vietnam and the EU jumped 46.5% to 64.6 billion USD through 2024, up from 44.1 billion USD in the prior five years, Vietnam Customs data showed.