The new EU-Vietnam free trade agreement (EVFTA), which came into effect on August 1, opens up opportunities to boost Vietnam's economy and also offers new prospects to European economies in a time of global financial unease.

The EU–Vietnam Free Trade Agreement (EVFTA), which came into effect on August 1, not only opens up opportunities to spur Vietnam's economy but also offers new prospects to European economies at a time of global financial uncertainties, according to the German press agency DPA.

After nearly a decade with a great deal of efforts by both Việt Nam and the European Union, the EVFTA was officially passed and has been coming into effect since August 1, 2020. The enforcement of the EVFTA is expected to open up many opportunities for trading and investment, and increase the circulation of goods and services amongst economies which are parties to the agreement.

As the European Union-Vietnam Free Trade Agreement (EVFTA) presents a wealth of business opportunities for both sides, local firms are advised to enquire into intellectual property rights (IPRs) in order to penetrate deep into the demanding European market.

The nation witnessed modest earnings from rice exports to the EU market as a result of high import duties and restrictions caused by limited rice quotas provided by the EU, according to the Ministry of Industry and Trade (MoIT)

The Czech Ministry of Industry and Trade’s website mpo.cz has recently published an article titled “The Vietnamese market is opening up, a free trade agreement can save millions of crowns for Czech companies.”

EU exports to Vietnam will be taxed less as of tomorrow, 1 August. This is the immediate effect of the entry into force of the EU-Vietnam trade agreement that will ultimately scrap duties on 99% of all goods traded between the two sides.

The EU - Vietnam Free Trade Agreement (EVFTA) officially comes into effect today, August 1, which is expected to be an important push for Vietnam's exports to the EU, the second largest import market in the world.

With the European-Vietnam Free Trade Agreement (EVFTA) set to come into force on August 1, many of the country's key commodities such as seafood and wood products are anticipated to enjoy numerous incentives from the trade pact, according to insiders.

The European Union – Vietnam Free Trade Agreement (EVFTA) not only promotes trade and investment growth between Vietnam and the EU but also creates a driving force to boost cooperation in improving growth quality, towards sustainable development, experts said.