(VOVWORLD) - After five years of implementation, the EU-Vietnam Free Trade Agreement (EVFTA) has delivered many positive outcomes, including a robust growth of Vietnamese exports to the EU.
 The worshop reviews EVFTA's 5 years of implementation. (photo: nhandan.vn) |
The report titled “Vietnam After Five Years of Implementing the EU-Vietnam Free Trade Agreement (EVFTA): Achievements, Challenges and Policy Reform Directions,” showed that the EVFTA has created important momentum for Vietnam to obtain remarkable results, including a robust growth of Vietnamese exports to the EU, particularly in key sectors such as textiles, footwear, and agro-fishery products which benefit significantly from tariff incentives.
Nguyen Chien Thang, Director of the Institute for European Studies, said: “The EVFTA helps to internalize commitments into Vietnamese law faster, such as the rules of origin, trade defense, and investment dispute issues. Vietnam's approach towards bringing responsible business practices to enterprises is certainly influenced by agreements, including the new generation EVFTA.”
The proportion of exports to the EU in Vietnam's total export turnover has gradually increased, reaching 13.19% in 2024. Vietnam maintains a substantial trade surplus with the EU, with 35.2 billion USD last year, the highest among the free trade agreements to which the Southeast Asian nation is a signatory. Notably, the rate of utilising tariff preferences under the EVFTA rose from 14.8% in 2020 to 35.2% in 2023.