Hanoi (VNA) – Vietnam and the European Union (EU) have agreed to establish a special task force to address barriers and foster more balanced and effective trade.
The decision was reached at the fourth meeting of the EVFTA Committee, recently held in Hanoi and co-chaired by Vietnamese Minister of Industry and Trade Nguyen Hong Dien and EU Commissioner for Trade and Economic Security Maros Sefcovic.
At the session, the two sides reviewed the implementation of the EU–Vietnam Free Trade Agreement (EVFTA) and discussed measures to fully tap its potential. They underlined the need for timely and transparent efforts to remove remaining trade and investment barriers and to step up the implementation of the agreement’s commitments.
The EU described the EVFTA as a model of successful cooperation, applauding Vietnam’s administrative reforms and business cost reductions, which have created favourable conditions for enterprises. It also urged Vietnam to further open its market, particularly in sectors where the EU has strengths.
Dien affirmed that the EVFTA has enabled Vietnam to integrate more deeply into global value chains, ease administrative burdens, and promote institutional reforms. However, he noted that the market share of each side’s goods in the other’s market remains modest, suggesting greater cooperation to unlock untapped potential.
Vietnam reiterated its commitment to fully implementing the agreement, especially in areas of EU concern. Both sides also discussed regional and multilateral issues, reaffirming support for a rules-based multilateral trading system with the World Trade Organisation (WTO) at its core.
Vietnam announced its decision to join the Multi-Party Interim Appeal Arbitration Arrangement (MPIA), complete ratification procedures for the Fisheries Subsidies Agreement, and prepare to participate in the Joint Statement Initiative on E-commerce (JSI E-com). The two sides also agreed to maintain delegation exchanges and dialogue mechanisms while encouraging high-quality EU investment in semiconductors, artificial intelligence, digital transformation, and renewable energy.
Vietnam called on the EU to accelerate ratification of the EU–Vietnam Investment Protection Agreement (EVIPA) by remaining member states and urged the European Commission (EC) to lift its “yellow card” warning on seafood exports, taking into account Vietnam’s efforts to combat illegal, unreported, and unregulated (IUU) fishing, different development levels, EU consumers' benefits and livelihoods of Vietnamese fishermen.
Concluding the meeting, Dien praised the frank and effective exchanges, affirming Vietnam’s serious commitment to EVFTA obligations. Both sides pledged to maximise the EVFTA’s potential, contribute to sustainable growth, and treat each other as genuine preferential partners.
According to the Department of Customs, two-way trade between Vietnam and the EU reached 68.4 billion USD in 2024, up 16.8% year-on-year, accounting for 8.7% of Vietnam’s total trade. Of the figure, Vietnam’s exports to the EU hit 51.72 billion USD, up 18.5%, while imports stood at 16.73 billion USD, up nearly 12%. In the first eight months of 2025, bilateral trade rose 7.7% year-on-year to 48.4 billion USD, with Vietnam exports at 36.9 billion USD (up 8.4%) and imports at 11.3 billion USD (up 5.4%)./.
