The EU-Vietnam Free Trade Agreement (EVFTA) is finally in force as of August 1st, 2020. The agreement took eight years to negotiate and is considered a landmark deal between the EU and Vietnam.
The agreement aims to boost trade relations between the two economies, unlocking a wealth of opportunities for businesses in both regions. The EVFTA will eliminate almost all tariffs on goods traded between the two, making it easier and cheaper to do business across borders. This is expected to increase exports of goods and services, as well as investment flows.
Furthermore, the EVFTA will also mean that European investors will have access to a range of sectors that were previously off-limits to them, such as telecommunications, transport, and banking. This is a significant step towards a more open Vietnamese market and will create new opportunities for EU companies in a range of sectors.
The EVFTA is also a crucial step towards promoting sustainable development and protecting the environment. The agreement includes strong commitments to sustainable development principles, such as upholding labor rights and protecting the environment. This is a significant achievement for both parties, as it demonstrates their commitment to responsible and sustainable business practices.
Overall, the EVFTA is a significant achievement for both parties, and its implementation marks a new era of cooperation between the EU and Vietnam. As a professional, I would recommend that businesses should take note of the opportunities this agreement creates and should consider how they can take advantage of them. The EVFTA presents an opportunity for businesses to expand into new markets, increase exports, and boost growth and profits. By doing so, they can take advantage of this historic agreement and help to drive the growth of both economies.