Vietnam has signed 15 free trade agreements (FTAs) and is negotiating two additional ones. These trade deals, especially the EU-Vietnam Free Trade Agreement (EVFTA), have greatly helped Vietnam’s import-export activities.

The MOU aims to advance EU-Vietnam sustainable development cooperation through comprehensive dialogue, investment coordination, knowledge sharing, and technology transfer.

Although Vietnam is hoping for stunning growth in seafood exports, particularly in the likes of basa fish and shrimp, the nation’s share in the EU market and utilisation of its trade deal with the bloc remain under some pressures.

Vietnam's trade relations with most European markets have experienced positive growth, not only with Germany, the Netherlands and France, but also other markets in northern, central and southern Europe.

Meeting the EU's Sanitary and Phytosanitary Standards (SPS) remains a challenge for Vietnamese food exporters as the country seeks greater integration in the global food supply, said industry experts and policymakers.

European firms have shown their optimism about the Vietnamese economy, which is recovering strongly after the COVID-19 pandemic, Vice Chairman of the European Chamber of Commerce in Vietnam (EuroCham) Nguyen Hai Minh has said.

The agreement has given logistics services stronger commitments compared to the World Trade Organization (WTO).

Rice and fish exporters across Vietnam’s Mekong Delta are ramping up production in order to meet the demands of European partners, particularly those from the UK.

Vietnam and the EU are amplifying their bilateral trade and investment ties on the back of a trade deal amid the latter facing a crisis caused by geopolitical tensions.

Analyst’s Pick: The entry into force of the EU-Việt Nam Free Trade Agreement (EVFTA) in August 2020 ¬– the most ambitious and comprehensive agreement that the EU has ever concluded with a developing country – is a step further in the development of the bilateral relation after three decades, presents a win-win relationship for both Việt Nam and EU, and is deemed a “highway” connecting the bloc and the Southeast Asian country.