July 30, 2021

Vietnam and the EU Mark One Year of the EU-Vietnam Free Trade Agreement

To mark the first anniversary of the implementation of the EU-Vietnam Free Trade Agreement (EVFTA), the European Chamber of Commerce hosted a webinar with more than 200 attendees and featuring special guest speakers from the Ministry of Industry and Trade (MOIT), the Vietnamese Embassy in the EU, and the EU Delegation to Vietnam.
  

  

This historic, new-generation free trade agreement was implemented on 1 August 2020. From the moment it entered into force, 65 per cent of EU exports to Vietnam and 71 per cent of Vietnamese exports to the EU became tariff-free. Over the next decade, this will rise to almost 99 per cent.

 

The webinar evaluated the first 12 months of implementation and discussed opportunities for further cooperation in the future. It heard from EuroCham Chairman Alain Cany; H.E. Mr Nguyen Van Thao, Ambassador and Chief of Mission of Vietnam to the EU; Dr Carsten Schittek, Charge d’affaires at the EU Delegation to Vietnam and Minister-Counsellor, Head of the Trade Section; and Mr. Luong Hoang Thai, Director General of MOIT’s Multilateral Trade Policy Department. 

  

In the first six months of 2021, the value of EU-Vietnam trade reached US$27 billion. That represents an increase of more than 18 per cent compared to the same period in 2020: a remarkable achievement in the midst of a global pandemic. And it should increase even further when the EU-Vietnam Investment Protection Agreement (EVIPA) enters into force, once it has been ratified in each EU Member State.

 

However, the EVFTA includes more than tariff reductions – essential though these are. It will also support Vietnam in areas such as environmental protection, legal reform, and sustainable development. Meanwhile, the agreement opens up market access for EU investment in other sectors and industries from higher education to computer services and from distribution to telecommunications.

 

Despite this progress, challenges still remain. While EuroCham’s Business Climate Index (BCI) shows that almost two-thirds of companies have benefitted from the EVFTA, it also shows that challenges such as administrative procedures and technical barriers to trade remain.

 

During the event, each of the four speakers reaffirmed the importance of the EVFTA and EVIPA to the future of EU-Vietnam trade, and proposed greater cooperation and dialogue to ensure a smooth and successful implementation.
  

    

Speaking at the event, EuroCham Chairman Alain Cany said:

“Right now, governments around the world are focusing all their efforts on fighting the COVID-19 pandemic. However, this does not mean that we should lose sight of the EVFTA. In fact, it is now more important than ever. Because, once vaccinations have been delivered and the pandemic brought under control, our economies need to reopen and recover.

 

“And, just as vaccines will help to combat this global health crisis; free, fair, and rules-based trade will help to combat the global economic crisis. For Vietnam and the EU, the EVFTA will be one of the most important tools at our disposal. This is because, now that the agreement has been implemented, both companies and consumers will be able to benefit from a gradual elimination of tariffs and a mutual opening of markets.

 

“But if we want to build on this promising start, we need to work together. The EVFTA will not be a success without a coordinated effort between government and private enterprise; between political leaders and business communities. In short, implementation is not the end of the road. Success is not a foregone conclusion, and we need to put the same effort into the next decade as we did into the last.

 

“That is why events like this are so important. It gives us a common platform with which to raise issues and a tool with which to resolve them. In this spirit, I am confident that we can make a success of the EVFTA, with the support of our Vietnamese friends and partners. In doing so, we can support both our societies to rebound and recover from this pandemic.”

 

More News

See all

March 23, 2023

[CORPORATE] Earn double Miles when you fly with Air France or KLM

Read more

March 20, 2023

EuroCham’s Highlights in 2022

Read more

March 20, 2023

[AGM 2023] Meet EuroCham’s 2023 Board of Directors

Read more

March 05, 2023

EuroCham Shared Our Views on Boosting Vietnam’s Business and Tourism on VTV4

Read more

March 02, 2023

Vietnam Business Forum (VBF) 2023 Scheduled for March 17, 19 – Register Now!

Read more

March 02, 2023

Food, Agri and Aqua Business Sector Committee (FAABS) Elected its 2023 Board

Read more

February 27, 2023

[CORPORATE]Vietjet opens new flight routes Ho Chi Minh City – Sydney; Ho Chi Minh City – Melbourne only 0VND

Read more

February 23, 2023

EuroCham and HAWA Sign MOU at HawaExpo 2023 to Boost Industry Cooperation and Trade Activities

Read more

February 22, 2023

[Work @ EuroCham] Sector Committee Coordinator

Read more

February 22, 2023

EuroCham Spoke at a Meeting Between HCMC’s Leaders and Foreign Business Associations

Read more

February 21, 2023

[CORPORATE] Discover the EIS Educational Village – Open Day 25th March 2023

Read more

February 21, 2023

[CORPORATE] EMS Vietnam – Vietnam Post’s High quality International Express Service

Read more

February 21, 2023

EuroCham Vietnam and DOLISA Met to Discuss Work Permit Process Difficulties in HCMC

Read more

February 20, 2023

Vice-Chair Claudia Anselmi Shared Perspectives at Human Rights Due Diligence (HRDD) Forum

Read more

February 13, 2023

[Work @ EuroCham] Head of Office Hanoi cum External Relations Manager

Read more

February 09, 2023

EuroCham Will Unveil Our 2022/2023 Whitebook and GEFE 2022 Report on Feb. 16

Read more

February 06, 2023

Chairman Alain Cany Sat Down for an Interview with Forbes Vietnam

Read more

January 30, 2023

Deutsches Haus Ho Chi Minh City Ushered in the New Year with a Lion Dance

Read more

January 19, 2023

The European Business Organization Worldwide Network’s (EBO WWN) Southeast Asian Network Kicked Off Its First Meeting of 2023

Read more

January 16, 2023

Q4 2022 Business Climate Index Results Released

Read more

October 05, 2022

EuroCham’s GEFE 2022 Press Conference in Hanoi

Read more

September 20, 2022

EuroCham Met with Prime Minister Pham Minh Chinh three times last week

Read more

August 24, 2022

EuroCham and its Nine Affiliated European BAs Held the “GEFE and You – How You Can Get Involved” Webinar

Read more

August 17, 2022

Restricted content

Read more

August 11, 2022

[Corporate] EMS International Services to Japan, Korea, Taiwan with extremely preferential rates in July and August 2022

Read more

August 05, 2022

EuroCham attended program on “Connecting the suppliers in the Mekong Delta of Vietnam with distributors, exporting businesses and trade promotion organizations”

Read more

August 01, 2022

EuroCham attended the Workshop "Evaluation Framework for Business regulation reforms and Data Analysis solutions"

Read more

July 28, 2022

[Corporate] BASF Q2 2022: BASF again with strong earnings despite continued high prices for raw materials and energy

Read more

July 08, 2022

Digital Sector Committee – Newsletter Issue No.3 / 2022

Read more

July 01, 2022

[BCI Q2 2022] European Business Stakeholders’ Confidence in Vietnam’s Business Environment Declined Slightly Following Global Economic Uncertainty

Read more

Pour une expérience optimale, veuillez tenir votre mobile à la verticale !

Platinum Partners

Gold Premium Partners

Gold Partners

Silver Partners

Premium Service Partners