Bilateral trade grows fast after EVFTA coming into force
Bilateral trade grows fast after EVFTA coming into force
The EU-Vietnam Free Trade Agreement, or EVFTA, entered into force on August 1 last year and has created the conditions needed to boost bilateral trade between Vietnam and the EU. According to the General Statistics Office, total import-export turnover between the two sides in the first seven months of 2021 topped 32.2 billion USD, an increase of 4.4 billion USD compared to the same period of 2020.
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The EVFTA plays a vital role in the future of trade relations between Vietnam and the EU. In the first half of this year, trade between the two parties hit 27 billion USD, up 18 percent compared to the same period in 2020 and a significant highlight amid COVID-19.
This figure is expected to rise when the EU-Vietnam Investment Protection Agreement (EVIPA) comes into force after being ratified in member states. The EVFTA is considered one of the most advanced trade deals Vietnam has signed. It will further grow in importance once the COVID-19 vaccination campaign is launched nationwide and the pandemic is brought under control.
