The European Union – Vietnam Free Trade Agreement (EVFTA) is like an “expressway” connecting Vietnam and Europe that will speed up trade and investment cooperation between the two sides, said experts.

According to the Ministry of Industry and Trade, as the EU has closed borders, consumption demand of Vietnam's main export products like textiles, footwear, furniture and phones will likely decline.

Vietnam is in need of major investors in fruit and vegetable production in order to boost processing, especially in the packaging and post-processing stages, to preserve products for longer and enhance their value.

The Managing Director of the International Monetary Fund (IMF), at a virtual meeting with G20 members, forecast that global economic growth this year would be negative, Finance Minister Sri Mulyani Indrawati stated.

With Việt Nam’s main agro-forestry and fisheries export markets after China such as the US and Europe being hit by the new coronavirus (Covid-19) pandemic, Vietnamese exporters are suffering.

Many Vietnamese garment and textile businesses have received notices from their US and EU partners that they will temporarily stop receiving goods for three weeks to one month.

Policies and regulations must be ready once the Europe-Việt Nam Free Trade Agreement (EVFTA) is approved so Vietnamese enterprises can reap the benefits of the trade pact, experts said on Monday.

Vietnam is increasing the application of trade defence instruments to protect the legitimate rights of domestic producers as the country integrates rapidly into the global economy.

Despite the whirlwind of shutdowns, lockdowns and craziness descending on Thailand at the moment, the departments are still churning out numbers and trying to forecast the way ahead.

Vietnam jumped 23 places from last year to reach 58.8 points, ranking 105th place in the economic freedom index this year.