Vietnam’s Central Institute for Economic Management (CIEM) held a meeting to review the three-year implementation of EU-Vietnam free trade agreement (EVFTA), reporting that the third year’s impact on Vietnam’s exports and imports is less positive on Friday, 27 October 2023.
In the first two years, the EU-Vietnam FTA which came into effect in 2020 has helped accelerate the recovery of Vietnam’s exports to the EU.
The deal’s declining influence on Vietnam’s exports in the third year is possibly due to economic difficulties globally and in the EU in particular, said Nguyen Anh Duong, head of the CIEM’s General Research Department. The decline has been seen even more clearly in Vietnam’s imports from the EU, he added.
Although, the FTA between the two parties have positively impacted the investments of the EU investor in Vietnam. Denmark, the Netherlands, France, Luxembourg, Germany, and Belgium are considered the biggest investors in the country, Duong said.
The EU-Vietnam FTA also has played a role in promoting institutional reform and legal terms in fields like trade, investment, intellectual property, sustainable development, financial services, and public procurement in Vietnam.
The review of the three-year implementation of EVFTA meeting was held in Hanoi, Vietnam within the framework of the Macroeconomic Reforms/Green Growth Program in Vietnam funded by the German Agency for Sustainable Development (GIZ).
Source: Vietnam Plus
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