The European Union (EU)-Vietnam Free Trade Agreement (EVFTA) is expected widen Vietnamese exports to the European bloc and help the country’s economy regain its growth momentum after a tough pandemic period. With the EVFTA’s strong commitment to market liberalization, there is greater scope for Vietnam now to raise its exports, especially in garments, footwear, farming and timber products.
Though many economists earlier believed that the implementation of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) would not be as effective as expected without US participation, but the agreement did bring about positive changes to Vietnam’s trade.
Data from the country’s ministry of industry and trade (MOIT) showed that its exports to CPTPP economies in the first year of implementation were estimated at nearly $40 billion, up by 7.2 per cent from a year earlier.
Exports to Canada and Mexico, with which Vietnam has yet to enter into a trade agreement, grew sharply by 29.9 per cent and 27.6 per cent respectively.
