In 2014, European Union (EU)-Vietnam trade in goods was worth over €28.2 billion, with €22.1 billion of imports from Vietnam into the EU and €6.2 billion of exports from the EU to Vietnam, according to the European Commission (EC). Stating the two economies can work complementarily and more effectively, they have agreed on “an agreement in principle” meaning the basic conclusion of trade talks started in 2010.
“The EU-Vietnam FTA (EVFTA) will provide significant new opportunities for companies on both sides by increasing market access for goods and service,” EU Trade Commissioner Cecilia Malmström said. “Vietnamese exporters will now get much easier access to the EU for their products, providing an important boost to the Vietnamese economy,” Malmström added. Vietnam’s Minister of Industry and Trade, Vu Huy Hoang, underlined that, thanks to the EVFTA, trade and economic benefits would be significant as more than 99% of tariff lines would be eliminated.
The EU is currently Vietnam’s sixth largest investment partner with Foreign Direct Investment (FDI) worth €500 million in 2013.