The European Union-Vietnam Free Trade Agreement (EVFTA) is set to open doors for Vietnamese exporters

On 30 June, 2019, the European Union signed its first free trade deal with a developing Asian country – Vietnam, one of the fastest growing economies in Southeast Asia.

The EU-Vietnam Free Trade Agreement (EVFTA) would reduce 99% of tariffs on goods and services traded between European and Vietnamese markets.

WVietnam’s exports to the EU were valued at 50 billion euros in 2018. This figure is expected to increase by 40% by 2025 under EVFTA.

Between the years 2024 – 2028, the agreement would boost Vietnam’s gross domestic product by 5 to 6% annually.

Will the EVFTA herald a closer economic relationship between Vietnam and Europe?

For more information : https://www.spireresearch.com/newsroom/spirethoughts/the-european-union-vietnam-free-trade-agreement-evfta-is-set-to-open-doors-for-vietnamese-exporters/

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