Vietnam’s 90 million consumers and increasing number of middle-class households nake it a potential market for agricultural, industrial and service products from the European Union (EU).
EU Trade Commissioner Cecilia Malmstrom. (Photo: AFP)
Hanoi (VNA) – Vietnam’s 90 million consum🐟ers and increasing number of middle-class households nake it a potential market for agricultural, industrial and service products from the European Union (EU).
EU Trade Commissioner Cecilia Malmstrom made the statement on February 1 while announcing the EU-Vietnam Free Trade Agreement (EVFTA) document.
Vietnamese Minister of Industry and Trade Vu Huy Hoang and European Commissioner for Trade Cecilia Malmstrom signed an announcement on the official conclusion of negotiations on the EU-Vietnam Free Trade Agreement (EVFTA) in Brussels on December 2, 2015.
Prime Minister Nguyen Tan Dung and President of the European Commission (EC) Jean-Claude Juncker witnessed the signing ceremony which is considered a special milestone in celebration of the 25 th anniversary of Vietnam-EU diplomatic ties.
In October 2010, the Prime Minister of Vietnam and the EC President agreed to commence talks on the EVFTA after completing all necessary technical procedures. The two sides announced the official launch of negotiations on June 26.
After nearly three years with 14 official rounds of talks and multiple mid-term negotiations at ministerial, head of delegation and working levels, Vietnam and the EU completed the negotiations for the trade pact.
Negotiations for the pact started and wound up in the context of growing relations between the two sides, especially in economics and trade. The EUVFTA is expected to bring enormous economic benefits for both Vietnam and the EU due to their highly supplementary and less directly competitive import-export structure.
The EU is the second largest trade partner and one of Vietnam’s biggest export markets. Two-way trade shot up to 36.8 billion USD in 2014 from 17.75 billion USD in 2010. In the first half of 2015, two-way trade stood at 19.4 billion USD, rising over 11 percent against the same period in 2014.
Vietnam’s key export items to the EU include footwear, textiles, coffee, wooden furniture and seafood, while EU exports to Vietnam are dominated by high tech products such as electrical machinery and equipment, aircraft, vehicles and pharmaceutical products.
The EU is one of the largest foreign investors in Vietnam. In the first six months of 2015, 23 out of the 28 EU countries landed investment in Vietnam with more than 2,100 projects worth 38.4 billion USD. Investors have increased their presence in Vietnam’s key economic sectors, mostly in industry, construction and services.-VNA
The EU-Vietnam Free Trade Agreement (EVFTA) will create ample opportunities for overseas Vietnamese enterprises in the Czech Republic as well as companies that import Vietnamese goods to the EU.
The conclusion of the Trans-pacific Partnership (TPP) agreement and other free trade agreements (FTAs) will bring great opportunities to Vietnamese businesses, especially leather and footwear firms.
A trade policy forum was held in Hanoi on January 22 with a focus on the Trans-Pacific Partnership (TPP), the EU – Vietnam Free Trade Agreement and their impacts on Vietnamese small and medium firms.
It is necessary to define differences between the country’s Bidding Law and commitments concerning government procurement stated in the EU-Vietnam Free Trade Agreement (EVFTA), so as to make suitable
Active integration will boost corporate competitiveness, said Nguyen Quynh Nga, a member of Vietnam’s delegation negotiating the Trans-Pacific Partnership (TPP) deal.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
EU Trade Commissioner Cecilia Malmstrom. (Photo: AFP)
