Vietnam – EU continue to effectively implement EVFTA

Deputy Prime Minister Bui Thanh Son received the European Union (EU) Commissioner for Trade and Economic Security Maros Sefcovic on the afternoon of September 26. Minister of Industry and Trade Nguyen Hong Dien attended the meeting. Photo: Chinhphu.vn

Welcoming EU Trade and Economic Security Commissioner Maros Sefcovic and his delegation to visit and work in Vietnam on the occasion of the 35th anniversary of the establishment of diplomatic relations between Vietnam and the EU and the 5th anniversary of the implementation of the Vietnam - EU Free Trade Agreement (EVFTA), Deputy Prime Minister Bui Thanh Son believes that the working trip will contribute to further promoting the Vietnam - EU relationship in general and in the economic and trade fields in particular.

Affirming that the EU is an important partner in Vietnam's foreign policy, the Deputy Prime Minister expressed his pleasure at the positive results achieved in cooperation between the two sides in many fields in recent times. In particular, the two sides have established and effectively implemented 8 regular dialogue mechanisms, many cooperation agreements and close coordination at multilateral forums; the frequency of delegation exchanges and contacts at all levels has been increased on all channels. Cooperation in the fields of economics , trade, investment, science - technology, defense - security, environment - climate, education and training, culture and tourism, development cooperation, etc. has achieved many substantive results.

The Deputy Prime Minister asked the remaining EU member countries to soon ratify the EU-Vietnam Investment Protection Agreement (EVIPA) and continue to effectively implement the EVFTA; and soon remove the "IUU Yellow Card" for Vietnamese seafood products.

Thanking Deputy Prime Minister Bui Thanh Son for taking the time to receive the delegation, EU Trade and Economic Security Commissioner Maros Sefcovic said he had just had a very effective working session with Minister of Industry and Trade Nguyen Hong Dien. The two sides reached many consensuses on promoting trade, especially on more effectively exploiting the EVFTA Agreement that the two sides have signed.

Appreciating Vietnam's innovation and development process, High Commissioner Maros Sefcovic said that the EU always supports, accompanies and wishes Vietnam to develop quickly and sustainably, achieving the set goals; and suggested that Vietnam continue to reform and simplify administrative procedures, further promoting investment from the EU into Vietnam.

According to experts, the EVFTA has become a driving force for positive growth in trade between Vietnam and the EU after 5 years of implementation. The EU is currently Vietnam’s 4th largest trading partner while Vietnam is the EU’s largest trading partner in ASEAN. There is still a lot of room for the two sides to increase cooperation from the EVFTA.

Statistics from the Customs Department show that 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 6 months of 2025 alone, the total two-way trade turnover between Vietnam and the EU will reach 35.69 billion USD, up 10.2% over the same period last year, accounting for 8.3% of the country's total turnover.

Tags: EVFTA Agreement, Ministry of Industry and Trade, Customs Department

Source: https://moit.gov.vn/tin-tuc/thi-truong-nuoc-ngoai/viet-nam-eu-tiep-tuc-trien-khai-hieu-qua-evfta.html