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The European market also has a high demand for agricultural products and processed agricultural products from Vietnam. In the photo: Enterprises participating in an international exhibition on vegetables, tubers and fruits held in Ho Chi Minh City in March 2025. |
To take full advantage of the EVFTA and this market, businesses need to improve their adaptability, especially issues related to green production and traceability of legal product supply.
Many opportunities in large markets
EVFTA took effect from August 1, 2020, opening up opportunities to connect Vietnam's economy with 27 EU countries, and is considered one of the important agreements promoting our country's economic development.
According to data from the Vietnam Customs Department, Vietnam's trade turnover with the EU increased from 48.9 billion USD before the EVFTA took effect to nearly 78 billion USD in the 5th year, corresponding to an average growth rate of 10.1%/year. Notably, exports to the EU increased at a faster rate (11.7%/year) than imports (6.1%/year), showing the increasingly enhanced competitiveness of Vietnamese goods.
According to the European Chamber of Commerce in Vietnam (EuroCham), 76% of European business leaders currently see Vietnam as an attractive investment destination. 80% of them predict that conditions will be even more favorable in the next 5 years. EuroCham is committed to continuing to be a trusted partner in efforts to promote trade and build a dynamic and sustainable investment environment in Vietnam.
Deputy Minister of Industry and Trade Phan Thi Thang commented: Although the world has had many fluctuations in recent times, we still record growth results and positive shifts in economic and trade cooperation between Vietnam and the EU after the 5-year milestone of EVFTA coming into effect. In addition to increasing trade and investment between the two sides, this agreement also actively supports Vietnam in transforming the economic structure, institutional reform, and improving the business and investment environment. From there, Vietnam has the opportunity to expand cooperation with the EU in new areas such as: green economy, digital economy, energy transition, sustainable development, etc.
For Dong Nai, the EU is one of the five major export markets, accounting for nearly 10% of the province's total export turnover. Dong Nai's exports to the EU are mainly from the following countries: France, Germany, Belgium, the Netherlands, Finland and Portugal. There are still many other countries where the export turnover of enterprises to that market is still quite modest and is an opportunity to continue to explore. In addition, the EU also invested in Dong Nai with nearly 80 projects with a total registered capital of over 3 billion USD. Most of the projects are invested in the industrial sector and the products are mostly exported. Therefore, the opportunity to supply supporting products of domestic enterprises to FDI partners from the EU is also open; at the same time, creating conditions for enterprises to link together and participate in the global supply chain.
Ms. Nguyen Thi Thanh Tam, member of the Board of Directors of GC Food Joint Stock Company (GC Food - Ho Nai Industrial Park) shared: The company's products are being exported to many markets in Korea, Japan, the Gulf region and is promoting exports to Europe. This is a large market with a high standard of living, so with green, high-quality agricultural products, GC Food hopes to increase its sales in this region.
Must comply with strict European regulations
The EU is currently Vietnam's leading trading partner, the third largest export market, and the fifth largest import market. On the other hand, Vietnam is the EU's largest trading partner in ASEAN and is in the Top 10 suppliers of goods to the EU market. However, Europe is also the most demanding market in the world, especially in the field of environmental protection and product origin. Goods entering this market will have the opportunity to expand into other markets, but according to experts, Vietnamese enterprises must first improve their capacity to meet these standards.
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Dong Nai's industrial products have many opportunities to cooperate with European enterprises. Photo: Van Gia |
According to Mr. Dau Anh Tuan, Deputy General Secretary of the Vietnam Chamber of Commerce and Industry (VCCI), the EU and some member countries such as Germany, France, and the Netherlands are tightening regulations to monitor and prevent risks to human rights and the environment throughout the supply chain of large enterprises in the region. This can create a chain effect because Vietnamese enterprises are supply links for European enterprises, are all within the scope of influence and are forced to comply if they want to continue cooperating. Refusing to provide information or not meeting standards can lead to serious consequences such as: having orders rejected, or even being removed from the supply chain.
Similarly, Mr. Nguyen Duy Hung, Vice President of Dong Nai Import-Export Association, said: Accessing the EU is a great opportunity for businesses. The EU is not only a large consumer market but also has high demand for many types of goods in which Vietnam has advantages. Dong Nai has had products exported to this market for many years, but compared to its potential and advantages, it has not yet met expectations. The important thing is that from the high quality requirements of the EU, domestic businesses need to make efforts, connect and cooperate with each other to find opportunities to enter this market. At the same time, it is necessary to promptly update new policies and regulations, helping businesses adapt and orient their production and export plans appropriately.
Wang Shi
Source: https://baodongnai.com.vn/kinh-te/202510/mo-rong-hop-tac-thuong-mai-viet-nam-va-chau-au-0422f9b/
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