The enforcement of the EU-Vietnam Free Trade Agreement (EVFTA) since August 2020 has created a new momentum for Vietnam–EU relations, opening vast opportunities for cooperation, investment, and trade exchange between the two sides.
Strengthening the Vietnam–EU Partnership
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On November 4, the Ministry of Foreign Affairs and the Ministry of Industry and Trade co-organized a hybrid seminar titled “One Year of EVFTA Implementation: Opportunities, Challenges, and Solutions.”
The event gathered senior officials, including Deputy Minister of Foreign Affairs Dang Hoang Giang, Deputy Minister of Industry and Trade Tran Quoc Khanh, representatives from ministries such as Planning and Investment, Agriculture and Rural Development, Finance, as well as VCCI and Vietnamese ambassadors and trade counselors in EU member states. Over 30 Vietnamese business associations and exporters also attended.
Deputy Minister Dang Hoang Giang emphasized that EVFTA has served as a catalyst for the Comprehensive Partnership and Cooperation between Vietnam and the European Union. The agreement has opened up new areas of collaboration, facilitating trade and investment connectivity for businesses and citizens.
Positive Trade Results Despite Global Disruptions
After more than a year of implementation, the EVFTA has delivered notable achievements.
In the first nine months of 2021, bilateral trade between Vietnam and the EU reached USD 41.29 billion, up 13.4% year-on-year. Exports stood at USD 28.85 billion, an increase of 11.7%, showing resilience amid the COVID-19 pandemic’s disruptions to global trade.
Deputy Minister Giang urged government agencies, business associations, and Vietnamese diplomatic missions in the EU to identify practical challenges, refine legal frameworks, and strengthen labor, environmental, and IUU fishing compliance standards to ensure effective and sustainable EVFTA implementation.
He affirmed that the Ministry of Foreign Affairs and its missions in the EU will continue to support businesses, promote Vietnam’s integration strategy, and enhance economic diplomacy in the new period.
Businesses Seize Tariff Advantages
According to Deputy Minister Tran Quoc Khanh, EVFTA’s first-year results met and exceeded trade expectations. The export value of Vietnamese goods to the EU using certificates of origin under the EVFTA reached nearly USD 8 billion, proving that many enterprises have effectively leveraged tariff preferences under the agreement.
A survey by VCCI revealed that 30.19% of Vietnamese businesses understand and are well-informed about EVFTA commitments — higher than the average 22.95% for other FTAs. This makes EVFTA one of the most effectively utilized trade agreements in Vietnam’s FTA network.
Opportunities for Institutional Reform and Sustainable Growth
Mr. Luong Hoang Thai, Director of the Multilateral Trade Policy Department (MOIT), noted that EVFTA has fostered sustainable growth in both exports and imports, especially in agriculture, textiles, and seafood — sectors that have maximized the benefits of tariff cuts and market access.
Beyond trade expansion, the EVFTA also offers Vietnam opportunities to:
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Reform institutions and improve transparency
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Enhance the business and investment environment
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Promote high-value and sustainable exports
At the seminar, Vietnamese ambassadors and trade counselors in Belgium, Germany, and Austria provided insights into market trends, consumer preferences, and trade promotion activities within the EU.
However, they also noted that Vietnam’s participation in EU value chains remains limited, with relatively modest capacity in high-tech production and investment collaboration.
Key Recommendations from Businesses
Vietnamese enterprises appreciated the seminar as a practical opportunity to exchange views, share challenges, and propose policy recommendations. Businesses called for:
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Stronger government support policies to enhance competitiveness
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Easier access to information and incentives
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Promotion of sustainable production models
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More active trade promotion and branding efforts by Vietnamese diplomatic missions in the EU
These coordinated efforts are essential to ensure that Vietnam continues to capture the full potential of EVFTA, contributing to stronger exports and deeper integration into the European market.