Vietnam - EU will set up a special working group to remove trade barriers.

On the afternoon of September 30, the Ministry of Industry and Trade announced that the fourth meeting of the EVFTA Trade Committee was held in Hanoi recently under the co-chairmanship of Minister of Industry and Trade Nguyen Hong Dien and European Union Commissioner for Trade and Economic Security Maros Sefcovic.

Sewing export goods at Hung Viet Garment Company (Pho Noi, Hung Yen ). Illustration photo: Tran Viet/VNA

During the meeting, the EU and Vietnam reviewed the implementation status and discussed measures to maximize the potential of the agreement. Both sides agreed on the importance of stepping up efforts to promptly and transparently remove remaining trade and investment barriers and promote full implementation of the agreement's commitments. They also agreed on the policy of establishing a special working group to remove barriers and promote balanced and effective trade.

The EU recognized the EVFTA as a successful cooperation model, highly appreciated Vietnam's administrative procedure reform and business cost reduction program, considering this as a foundation to facilitate businesses to effectively take advantage of opportunities from the Agreement. At the same time, the EU requested Vietnam to continue promoting the implementation of commitments related to market opening to enhance bilateral trade and investment exchanges, especially for EU's strong sectors.

On the Vietnamese side, Minister Nguyen Hong Dien affirmed that the EVFTA has helped Vietnam integrate deeply into the global value chain, reduce the burden of administrative procedures and promote institutional reform. However, the market share of goods of the two sides in each other's markets remains modest.

On that basis, the Minister suggested that the two sides strengthen cooperation and exploit the remaining large space to more effectively utilize the benefits from the EVFTA. The Vietnamese side also pledged to seriously implement the commitments in the EVFTA, especially in areas of interest to the EU.

In addition to bilateral issues, the two sides also discussed regional and multilateral issues, affirming their shared commitment to the rules-based multilateral trading system, with the World Trade Organization (WTO) playing a central role.

Vietnam announced its agreement to join the Interim Multi-Party Appellate Arbitration Arrangement (MPIA) Initiative, completed the ratification procedure for the Fisheries Subsidies Agreement, and is preparing to join the Joint Initiative on Electronic Commerce (JSI E-com). The two sides agreed to continue to maintain delegation exchanges and existing dialogue mechanisms; and encourage high-quality EU investment in Vietnam, especially in the fields of semiconductors, artificial intelligence, digital transformation, and renewable energy.

Vietnam also requested the EU to urge the remaining EU member states to soon ratify the EVIPA Agreement to create a new breakthrough in investment between the two sides. At the same time, it requested the European Commission to consider early removal of the IUU Yellow Card for exported seafood, on the basis of acknowledging Vietnam's serious efforts in preventing illegal fishing, while taking into account the difference in development levels between the two sides, the interests of EU consumers and the livelihoods of Vietnamese fishermen.

At the end of the meeting, Minister Nguyen Hong Dien highly appreciated the spirit of frank, open and effective exchange between the two sides, and affirmed that Vietnam will seriously and fully implement the EVFTA commitments to bring practical benefits to businesses and people. In the coming time, Vietnam and the EU pledged to continue to cooperate closely to ensure that the EVFTA maximizes its potential, contributing to sustainable and inclusive economic growth, while reaffirming their determination to consider each other as genuine preferential partners and avoiding actions that may affect the common interests of this important partnership.

According to statistics from the Customs Department, the two-way trade turnover between Vietnam and the EU in 2024 will reach 68.4 billion USD, up 16.8% over the same period in 2023, accounting for 8.7% of the country's total turnover; of which, exports to the EU will reach 51.72 billion USD, up 18.5%, imports from the EU will reach 16.73 billion USD, up nearly 12%. In the first 8 months of 2025, bilateral trade will continue to flourish with the total import-export turnover of goods reaching 48.4 billion USD, up 7.7% over the same period last year; of which, exports will reach 36.9 billion USD, up 8.4%, imports will reach 11.3 billion USD, up 5.4%.

The Ministry of Industry and Trade assessed that after 5 years of implementation, the Vietnam - EU Free Trade Agreement (EVFTA) has affirmed its driving role in promoting Vietnam - EU trade exchange. The EU is currently Vietnam's fourth largest trading partner, while Vietnam has become the EU's largest trading partner in ASEAN. In addition, the EVFTA also contributes to strengthening the Vietnam - EU comprehensive partnership, while expanding cooperation in the fields of green, energy transition, circular economy and sustainable development.

Source: https://baotintuc.vn/kinh-te/viet-nam-eu-se-lap-to-cong-tac-dac-biet-de-thao-go-rao-can-thuong-mai-20250930204041017.htm