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EU-VN trade value soars amid global pandemic

VGP – The value of EU-Viet Nam trade reached US$27 billion in the first half of 2021, a year-on-year increase of more than 18 percent, which is regarded as a remarkable achievement in the current pandemic time.

European Chamber of Commerce in Viet Nam (EuroCham) Chairman Alain Cany made that above statement while attending a webinar on July 30 marking the first anniversary of the implementation of the EU-Viet Nam Free Trade Agreement (EVFTA).

Since the historic and new-generation free trade agreement came into effect on  August 1, 2020, 65 percent of EU exports to Viet Nam and 71 percent of Vietnamese exports to the EU became tariff-free. Over the next decade, this will rise to almost 99 per cent.

It should increase even further once the EU-Viet Nam Investment Protection Agreement (EVIPA) enters into force after being ratified by each EU member state.

In addition, the EVFTA will also support Viet Nam in areas such as environmental protection, legal reform, and sustainable development.

Meanwhile, the trade deal opens up market access for EU investment in other sectors and industries from higher education to computer services and from distribution to telecommunications.

The EuroCham’s Business Climate Index (BCI) shows that almost two-thirds of companies have benefitted from the EVFTA.

For Viet Nam and the EU, the EVFTA will be one of the most important tools at our disposal, Cany underscored, adding that both companies and consumers are able to benefit from a gradual elimination of tariffs and a mutual opening of markets.

He expressed his confidence on the success of the EVFTA, with the support of Vietnamese partners, thus supporting both societies to rebound and recover from this pandemic.