Tapping into new momentum after 5 years of implementing EVFTA

After 5 years of implementing the EVFTA, Vietnam - EU trade relations have made great strides. Two-way trade turnover increased from 48.9 billion USD to nearly 78 billion USD, with an average growth rate of 10.1%/year. Vietnam is currently the EU's largest trading partner in ASEAN and is in the Top 10 largest suppliers of goods to this market. The Forum once again affirmed its role as a bridge, helping the parties find "new impulses" to bring this economic cooperation relationship to a new level, more effective and sustainable.

At the Vietnam-EU Economic and Trade Cooperation Forum 2025 held on October 17 in Ho Chi Minh City, Deputy Minister of Industry and Trade Phan Thi Thang acknowledged the growth and positive 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.

"EVFTA not only contributes to promoting trade and diversifying markets, but more importantly, it also supports economic restructuring, institutional reform, and expanding cooperation with the EU in new areas such as green economy, 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 world economic context, requiring great efforts and determination from both the Government and businesses to quickly adapt and participate in the process of restructuring the global supply chain.

European partners all agreed that Vietnam is the EU’s leading partner in ASEAN. Spanish Ambassador Carmen Cano de Lasala and Danish Charge d’Affaires Lasse Pedersen Hjortshøj both expressed their confidence in new growth drivers, turning shared ambitions for sustainable development into practical cooperation in the fields of energy and the circular economy.

Spanish Ambassador Carmen Cano de Lasala.

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

"76% of European business leaders currently see Vietnam as an attractive investment destination, with 80% predicting conditions will become even more favorable in the next five years. EuroCham is committed to continuing to be a trusted partner in efforts to promote trade and build a dynamic investment environment in Vietnam," said Mr. 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 appreciated Vietnam's supply capacity and competitiveness. He shared his experience in building a self-sufficient and sustainable supply chain, and emphasized that green production solutions and environmental and social responsibility need to be focused on and promoted further. This is an inevitable trend and a mandatory path for businesses to participate deeply in the new value chain.

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

Minh Thu

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