EU, Việt Nam to set up joint task force to remove trade barriers

EU, Việt Nam to set up joint task force to remove trade barriers

The decision was reached at the fourth meeting of the EVFTA Committee, recently held in Hà Nội and co-chaired by Việt Namese Minister of Industry and Trade Nguyễn Hồng Diên and EU Commissioner for Trade and Economic Security Maros Sefcovic.

According to the Department of Customs, two-way trade between Việt Nam and the EU reached US$68.4 billion in 2024, up 16.8 per cent year-on-year, accounting for 8.7 per cent of Việt Nam’s total trade. — VNA/VNS Photo

Việt Nam and the European Union (EU) have agreed to establish a special task force to address barriers and foster more balanced and effective trade.

The decision was reached at the fourth meeting of the EVFTA Committee, recently held in Hà Nội and co-chaired by Việt Namese Minister of Industry and Trade Nguyễn Hồng Diên and EU Commissioner for Trade and Economic Security Maros Sefcovic.

At the session, the two sides reviewed the implementation of the EU–Việt Nam Free Trade Agreement (EVFTA) and discussed measures to fully tap its potential. They underlined the need for timely and transparent efforts to remove remaining trade and investment barriers and to step up the implementation of the agreement’s commitments.

The EU described the EVFTA as a model of successful cooperation, applauding Việt Nam’s administrative reforms and business cost reductions, which have created favourable conditions for enterprises. It also urged Việt Nam to further open its market, particularly in sectors where the EU has strengths.

Diên affirmed that the EVFTA has enabled Việt Nam to integrate more deeply into global value chains, ease administrative burdens, and promote institutional reforms. However, he noted that the market share of each side’s goods in the other’s market remains modest, suggesting greater cooperation to unlock untapped potential.

Việt Nam reiterated its commitment to fully implementing the agreement, especially in areas of EU concern. Both sides also discussed regional and multilateral issues, reaffirming support for a rules-based multilateral trading system with the World Trade Organisation (WTO) at its core.

Việt Nam announced its decision to join the Multi-Party Interim Appeal Arbitration Arrangement (MPIA), complete ratification procedures for the Fisheries Subsidies Agreement, and prepare to participate in the Joint Statement Initiative on E-commerce (JSI E-com). The two sides also agreed to maintain delegation exchanges and dialogue mechanisms while encouraging high-quality EU investment in semiconductors, artificial intelligence, digital transformation, and renewable energy.

Việt Nam called on the EU to accelerate ratification of the EU–Việt Nam Investment Protection Agreement (EVIPA) by remaining member states and urged the European Commission (EC) to lift its “yellow card” warning on seafood exports, taking into account Việt Nam’s efforts to combat illegal, unreported, and unregulated (IUU) fishing, different development levels, EU consumers' benefits and livelihoods of Vietnamese fishermen.

Concluding the meeting, Diên praised the frank and effective exchanges, affirming Việt Nam’s serious commitment to EVFTA obligations. Both sides pledged to maximise the EVFTA’s potential, contribute to sustainable growth, and treat each other as genuine preferential partners.

According to the Department of Customs, two-way trade between Việt Nam and the EU reached US$68.4 billion in 2024, up 16.8 per cent year-on-year, accounting for 8.7 per cent of Việt Nam’s total trade. Of the figure, Việt Nam’s exports to the EU hit $51.72 billion, up 18.5 per cent, while imports stood at $16.73 billion, up nearly 12 per cent. In the first eight months of 2025, bilateral trade rose 7.7 per cent year-on-year to $48.4 billion, with Việt Nam exports at $36.9 billion (up 8.4 per cent) and imports at $11.3 billion (up 5.4 per cent). 

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