The EU-Vietnam Free Trade Agreement (EVFTA) was concluded and officially signed in Belgium’s Brussels on June 25. The deal is considered a comprehensive and high-quality deal which ensures mutual benefits for both sides. It is expected to create a strong impetus for bilateral trade and investment.
Once the deal becomes effective, the EU commits to lift 85.6 percent of the total duties, which will affect over 70 percent of Vietnam’s exports to the EU. Within seven years, the EU commits to erasing over 99 percent of tariff lines for Vietnam’s products to the EU, including its key products.
With 27 member nations, the EU is Vietnam’s second biggest exporter, and as such, Vietnam’s exports to the market is expected to surge.
However, in order to take best advantage of the deal in term of exports, the local business community need to be well aware of the international integration and its impacts on their businesses and products. -VNA
