In the context of complicated development of the Covid19 on global scale, bilateral trade between Vietnam and the EU recorded significant increase after the EVFTA was enforced. Vietnam’s export to the EU reached 39.75billion USD, increased by 6.2%, thanks to the recovery of EU economy in the second quarter of 2021 and the tariff cut under EVFTA.

In the interview with VITV, Dr. Sebastian Paust, First Counsellor - Head of Development Cooperation, German Embassy Hanoi said that bilateral trade between the EU including Germany and Vietnam developed satisfactorily before EVFTA. In the context of the Covid pandemic the bilateral trade did not gain significant increase.

In the future the EVFTA will help promote bilateral trade remarkably when the two sides control the pandemic and the economies are re-opened. The EVFTA will promote not only bilateral trade between the EU and Vietnam but also two-way investment. With criteria for products, legal system, labour set in the agreement quality standards will be gradually developed in Vietnam and will help Vietnamese products meet requirements of many demanding markets in the world.

“In the coming years, when the pandemic is under control I expect great growth in diplomatic relationship between the EU and Vietnam particularly between Germany and Vietnam. Given available potential the EVFTA will surely be a bridge linking two partners together recovery and develop”, said Dr. Paust.

Mentioning the importance of the EVFTA to Vietnam Dr. Le Dang Doanh, Former Director of the Central Institute for Economic Management – CIEM told VITV: The EU and Vietnam markets are supplementary to each other rather than competitive. Meanwhile, many Vietnamese and Chinese products compete with each other such as garment, leather shoes, wooden furniture. So joining the EVFTA helps Vietnam diversify products, markets and therefore will contribute to economic recovery of Vietnam.