Advantages of EVFTA

According to Deputy Minister of Industry and Trade Dang Hoang An, the EVFTA (EU-Vietnam Free Trade Agreement) is not only a lever for two-way trade but also a great advantage for Vietnamese and EU business communities in the complicated context of the Covid-19 pandemic.

It has been proved by impressive trade results, especially during the Covid-19 outbreak in the EU and then Vietnam.

Despite bad impacts from the 4th outbreak of the Covid-19 epidemic in the southern key export region of Vietnam, two-way trade between Vietnam and the EU still grows well.

More and more businesses have been taking advantage of incentives from the EVFTA through the use of preferential certificates of origin.

The competitiveness and market share of Vietnamese goods have also improved markedly in the EU market.

Vietnam has become the EU's largest trading partner in ASEAN with a two-way trade turnover of EUR 43.2 billion in 2020.

Concurrently, Vietnam is also among the 10 largest suppliers to the EU market.

Vietnam has received a flow of investment from the EU with high-tech projects that bring common benefits to the business communities in both the EU and Vietnam.

In the context of the global Covid-19 pandemic, e-commerce becomes popular.

So, the EU countries and Vietnam have promoted e-commerce and digital economic development as a strategy for the economic recovery after Covid-19.

Digital economy is also considered to open a prospect of a potential cross-border trade channel in the near future.

It facilitates the export of Vietnamese goods to the EU and the import of high-quality products from the EU.

In the context of economic recovery and the emergence of new trade and investment trends, both Vietnam and the EU are required to make great efforts to take full advantage of the EVFTA and seize new opportunities after the Covid-19 pandemic.