Unlocking new momentum after 5 years of implementing the EVFTA.

DNVN - After 5 years of implementing the EVFTA Agreement, economic and trade cooperation between Vietnam and the EU has achieved impressive results, despite the volatile global context. Now is the time for both sides to "unleash new momentum" to achieve breakthroughs.

After five years of implementing the EVFTA, Vietnam-EU trade relations have made remarkable progress. Two-way trade turnover increased from US$48.9 billion to nearly US$78 billion, with an average growth rate of 10.1% per year. Vietnam is currently the EU's largest trading partner in ASEAN and is among the top 10 largest suppliers of goods to this market. The forum has once again affirmed its role as a bridge, helping the parties find "new impetus" to take this economic cooperation relationship to a new, more effective and sustainable level.

At the Vietnam-EU Economic and Trade Cooperation Forum 2025 held on October 17th in Ho Chi Minh City, Deputy Minister of Industry and Trade Phan Thi Thang acknowledged the positive growth and shift in Vietnam-EU economic relations. She emphasized that the EVFTA is not only a lever for trade but also a catalyst for institutional reform and improvement of the business environment in Vietnam.

"The EVFTA not only contributes to promoting trade and diversifying markets, but more importantly, it supports economic restructuring, institutional reform, and expanding cooperation with the EU in new areas such as the green economy, the digital economy, and sustainable development," Deputy Minister Phan Thi Thang affirmed.

Deputy Minister of Industry and Trade Phan Thi Thang.

However, the Deputy Minister also pointed out significant challenges from the complex global economic context, requiring great effort and determination from both the Government and businesses to quickly adapt and participate in the restructuring of global supply chains.

European partners all agree that Vietnam is a leading partner of the EU in ASEAN. The Spanish Ambassador, Carmen Cano de Lasala, and the Danish Chargé d'affaires, Lasse Pedersen Hjortshøj, both expressed confidence in new growth drivers, transforming shared ambitions for sustainable development into practical collaborations in the energy and circular economy sectors.

Spanish Ambassador Carmen Cano de Lasala.

Representing the EU business community, Mr. Jean-Jacques Bouflet - Vice President of EuroCham - presented impressive figures on the confidence of European investors in the Vietnamese market.

"76% of European business leaders now view Vietnam as an attractive investment destination, with 80% predicting even more favorable conditions in the next five years. EuroCham is committed to continuing to be a reliable partner in promoting trade and building a dynamic investment environment in Vietnam," said Jean-Jacques Bouflet.

From the perspective of a successful business operating in Vietnam, Mr. Johan van den Ban - CEO of De Heus Vietnam & Asia, highly appreciates Vietnam's supply chain capabilities and competitiveness. He shared his experience in building a self-reliant and sustainable supply chain, and emphasized that greening production solutions and fulfilling environmental and social responsibilities need to be prioritized and promoted further. This is an inevitable trend and a mandatory path for businesses to participate deeply in new value chains.

One of the topics discussed at the forum was the application of EU green and sustainable trade standards such as CBAM, CS3D, and EUDR. Experts noted that meeting these requirements, while challenging, also opens up new development opportunities, especially in the field of green finance. Both sides are gradually forming a sustainable financial ecosystem through leading institutions such as the European Investment Bank (EIB), facilitating Vietnamese businesses' access to capital for green transformation.

Minh Thu

Source: https://doanhnghiepvn.vn/kinh-te/khai-pha-xung-luc-moi-sau-5-nam-thuc-thi-evfta/20251018102340829