Vietnam - EU: Achievements and prospects after five years of EVFTA implementation

During his visit to Belgium from June 6-7, Deputy Minister Phung Duc Tien attended the seminar titled "EVFTA: 5 Years of implementation and beyond".

In his remarks at the seminar, Deputy Minister Phung Duc Tien emphasized that the EU has always been one of Vietnam’s most important partners - not only in trade but also in investment, science and technology, and development cooperation. The EVFTA has served as a strong driving force for promoting the growth of agricultural, forestry, and fishery trade, supporting institutional reforms, and guiding production towards green and sustainable practices.

After 5 years of EVFTA implementation, Vietnam’s agricultural, forestry, and fishery exports to the EU have achieved notable results. Despite facing numerous major challenges, thanks to tariff incentives and market access opportunities under the EVFTA, the export value ofagricultural, forestry, and fishery products to the EU has grown positively - from USD 3.76 billion in 2019 to USD 5.437 billion in 2024, representing an increase of 42.95%. Over the 2019 - 2024 period, the average annual growth rate reached 8.3%.

"The benefits brought by the Agreement are particularly meaningful, as the EU has consistently been one of Vietnam’s four largest export markets for agricultural, forestry, and fishery products. This affirms that the effective implementation of the EVFTA has driven export growth, helped ensure a stable supply of agri-food products, and enhanced the EU market’s resilience to external uncertainties. As a result, both Vietnam and the EU have achieved substantial mutual benefits," Deputy Minister Tien shared.

Vietnam expressed its desire to further expand exports of key agricultural, forestry, and fishery products with strategic advantages, leveraging tariff reduction commitments under the EVFTA. This is considered an important solution to improve bilateral trade with the EU, sustain positive export momentum, and support Vietnam in strengthening its position in global value chains.

Product groups with strong potential for expansion in the EU market include: value-added processed seafood, processed coffee, fresh and processed fruits and vegetables, cashew nuts, wooden furniture, rubber, pepper, and various spices.

With a market of over 100 million people and active participation in 17 Free Trade Agreements (FTAs), Vietnam has a significant demand for agricultural inputs, raw materials, and the development of logistics systems to support agriculture. Enterprises from both sides should maximize the benefits of the EVFTA to diversify sources of raw materials and adopt advanced technologies from the EU for the production, processing, and export of agricultural, forestry, and fishery products. The aim is to build a sustainable agricultural model that is climate-resilient and deeply integrated into global supply chains.

"In the time ahead, Vietnam hopes to attract more high-quality investment flows from EU countries into the agricultural sector. This will help improve product quality, enhance production efficiency, and meet the EU's stringent technical and environmental standards. The Ministry of Agriculture and Environment is committed to continuing its support, creating favorable conditions, and promoting practical cooperation with EU partners. These efforts will contribute to strengthening the competitiveness and sustainable development of Vietnam’s agricultural, forestry, and fishery sector," Deputy Minister Tien emphasized.

Listening to Deputy Minister Phung Duc Tien’s sharing, the EU highly appreciates the efforts and results that Vietnam has achieved over five years of implementing the EVFTA. In particular, the Ministry of Agriculture and Environment has implemented numerous effective policies to enhance agricultural product quality and improve the quality control system, meeting the stringent requirements of the EU market. At the same time, Vietnam has strengthened its commitments to environmental protection and climate change response, thereby building trust from Europe and reinforcing a sustainably developing bilateral trade relationship.

The EVFTA Agreement came into effect on August 1, 2020. After 5 years of implementation, the EVFTA has brought many positive results for Vietnam, especially in promoting exports to the EU and attracting foreign direct investment (FDI) from the EU. This agreement has played an important role in expanding the market for Vietnam’s key export sectors and improving the business environment.