After nearly five years of implementation, the Vietnam-EU Free Trade Agreement (EVFTA) has played a crucial role in Vietnam’s international economic integration, contributing to the expansion of export markets, attracting investment, and driving institutional reforms. Before EVFTA, bilateral trade between Vietnam and the EU was around 49 billion USD, but it has now increased to nearly 70 billion USD—a significant growth.

Though simpler and less costly, exporting goods via unofficial channels poses risks for businesses, such as violating import laws or facing high dispute rates. In contrast, formal exports are more complex and high cost but bring about greater benefits for businesses, including state support and easier market access. For a large and demanding market like the European Union (EU), the later practice is a sustainable path for businesses.

Known as one of Vietnam’s most notable new-generation trade deals, the EU-Vietnam Free Trade Agreement (EVFTA) marks a significant milestone in the 30-year journey of cooperation and development between both sides. Over five years of implementation, it has left a profound impact on Vietnam’s economy and its pharmaceutical market in particular.

Vietnamese goods will continue to hold a competitive advantage over other items from foreign countries when they are exported to the Netherlands thanks to the tax reduction roadmap under the European Union - Vietnam Free Trade Agreement (EVFTA), according to the Vietnam Trade Office in the Netherlands.

Vietnamese and Czech officials have underscored the vast potential of expanded cooperation between the two nations, driven by the EU-Vietnam Free Trade Agreement (EVFTA).

The European-American Market Department (MoIT) will monitor regional developments and explore opportunities to strengthen Việt Nam’s economic and trade ties.

Vietnam's trade turnover with the European and American markets in 2004 witnessed a positive recovery and robust growth compared to 2023.

The total import-export turnover between Vietnam and Denmark witnessed impressive growth of more than 20% during the past 11 months of 2024, according to details by the Vietnamese Trade Office in the Nordic countries.

With Vietnamese seafood exports reaching more than US$10 billion in 2024, the aquatic industry is anticipated to achieve an export target of US$11 billion ahead in 2025, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

The EU market is increasingly setting stronger green standards for imported goods. This not only creates great challenges but also opens up new opportunities for Vietnamese businesses if they know how to transform. So what should businesses do to adapt and take advantage of this opportunity? Vice President of the European Chamber of Commerce in Vietnam (EuroCham) Nguyen Hai Minh (photo) said that to take advantage of this opportunity, businesses need to constantly innovate, update information, improve green production capacity and closely coordinate with management agencies as well as international partners.