Rapid Expansion of Trade Following EVFTA Implementation

The EU-Vietnam Free Trade Agreement, or EVFTA, entered into force on August 1 last year and has created the conditions needed to boost bilateral trade between Vietnam and the EU. According to the General Statistics Office, total import-export turnover between the two sides in the first seven months of 2021 topped 32.2 billion USD, an increase of 4.4 billion USD compared to the same period of 2020.

0
336

The European Union-Vietnam Free Trade Agreement (EVFTA) plays a crucial role in the future of trade relations between Vietnam and the EU. In the first half of this year, trade between the two parties reached 27 billion USD, marking an 18% increase compared to the same period in 2020 despite the challenges posed by COVID-19.

This number is expected to further rise with the implementation of the EU-Vietnam Investment Protection Agreement (EVIPA) after it is ratified by member states. The EVFTA is highly regarded as one of the most advanced trade agreements signed by Vietnam, and its significance will continue to grow as the nationwide COVID-19 vaccination campaign progresses and the pandemic is brought under control.

Written by VNA