On 30 June 2019, the EU and Vietnam signed the EU - Vietnam Free Trade Agreement (EVFTA), after 6 years of negotiations.
The agreement will open the opportunities for Vietnamese enterprises to tap the EU markets with total population of 508 million and total gross domestic product (GDP) of around US$18 trillion.
Under the EVFTA, Việt Nam’s exports to the EU market are forecast to rise 4-6 percent compared to a non-FTA trade relation to reach $19 billion.
Its exports are expected to touch $75 billion in 2028. In addition to giving good opportunities, the EVFTA expects bring Viet Nam big challenges. The EU is a potential market but also the requirements are very high on quality standards.
VNA
