As the EU-Vietnam Free Trade Agreement (EVFTA) marks four years in August 2024, we review its implementation progress, highlighting key achievements and remaining challenges, to help businesses identify strategies to optimize their benefits from the agreement.

The EVFTA has strengthened Vietnam’s attractiveness to European investors, and has significantly boosted Vietnam’s exports to Europe.

In order to maintain smooth exports to the EU, Vietnamese businesses should prioritize compliance with EU food safety regulations, particularly by addressing the specific chemicals and microorganisms identified in recent warnings.

Many Việt Nam’s agricultural products have been put under stricter control over food hygiene and safety by the European Union (EU) since the beginning of this year, Ngô Xuân Nam, Deputy Director of the Vietnam Sanitary and Phytosanitary Notification Authority and Enquiry Point (SPS Việt Nam) said.

The EU-Việt Nam Free Trade Agreement (EVFTA) has undoubtedly strengthened Việt Nam's attractiveness for European investors.

August 1, 2020, marked a significant milestone for Vietnam and the European Union (EU) as the EU-Vietnam Free Trade Agreement (EVFTA) came into effect. Four years on, Vietnam stands tall as the leading ASEAN exporter to the EU, reaping the benefits of a thriving economic partnership that has spurred economic growth, job creation, and consumer access to premium European products.

After 4 years of implementation, the Vietnam - EU Free Trade Agreement (EVFTA) has brought positive results

To reach environmental and climate goals, the EU has imposed the ESPR (Ecodesign for Sustainable Products Regulation), commencing July 18, 2024, which is expected to have an impact on Vietnam’s key export products to the EU.

The European Union (EU) regards Vietnam as one of its leading important partners in the region, Josep Borrell Fontelles, Vice President of the European Commission (EC) and High Representative of the European Union for Foreign Affairs and Security Policy, said at his talks with Minister of Foreign Affairs Bui Thanh Son in Hanoi on July 30.

On July 15, the European Chamber of Commerce in Vietnam (EuroCham) released its Business Confidence Index (BCI) report for the second quarter of 2024, which reveals a marginal decline from 52.8 in Q1 to 51.3 in Q2, underscoring the necessity for ongoing policy adjustments to maintain momentum.