2021-08-21
On June 30, 2019, Vietnam and the EU officially signed EVFTA and IPA. On January 21, 2020, the European Union International Trade Commission approved a recommendation to ratify the EVFTA. Standing great opportunities for the government to open up, the legal corridor also requires opening up for import-export businesses in this market of more than 500 million people (27 countries).
Ending the negotiations in the context that the bilateral relationship between Vietnam and the EU is growing well, especially in the field of economy and trade. The EU is currently one of Vietnam's leading trading partners with two-way turnover in 2019 reaching 56.45 billion USD, of which exports reached 41.5 billion USD, imports from the EU reached 14.9 billion USD. The EVFTA is a comprehensive, high-quality agreement that ensures a balance of benefits for both Vietnam and the EU, which also takes into account the difference in development levels between the two sides.