Vietnam and the European Union (EU) have agreed to set up a special joint task force to address trade barriers and enhance the implementation of the EU – Vietnam Free Trade Agreement (EVFTA). The decision was made at the fourth meeting of the EVFTA Committee in Hanoi, co-chaired by Vietnam’s Minister of Industry and Trade Nguyen Hong Dien and EU Commissioner for Trade and Economic Security Maros Sefcovic.
Both sides reviewed the progress of the EVFTA and agreed on measures to unlock untapped potential, including removing trade and investment barriers, improving transparency, and accelerating commitments under the agreement. The EU praised Vietnam’s administrative reforms and urged further market opening in key sectors. Dien highlighted the EVFTA’s role in deepening Vietnam’s global value chain integration and driving institutional reforms, but noted that bilateral market penetration remains modest.
Vietnam reiterated its commitment to fully implementing the EVFTA and announced plans to join the Multi-Party Interim Appeal Arbitration Arrangement (MPIA), finalize ratification of the Fisheries Subsidies Agreement, and prepare to participate in the Joint Statement Initiative on E-commerce. The EU encouraged Vietnam to address the IUU “yellow card” on seafood exports, while Vietnam urged faster ratification of the EU – Vietnam Investment Protection Agreement (EVIPA).
The two sides pledged to enhance dialogue and cooperation in strategic areas such as semiconductors, AI, digital transformation, and renewable energy. In 2024, Vietnam – EU trade reached USD 68.4 billion, up 16.8% year-on-year, underscoring the growing importance of the partnership.
(Source: Vietnam Plus)
