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Focus: EU-Vietnam Free Trade Agreement

The free trade agreement between the European Union and Vietnam, in effect since August 1, 2020, will consolidate bilateral relations and serve as the first step for future economic collaborations in the regional context, facilitating the entry of European companies into ASEAN countries.

This is the most ambitious agreement the EU has entered into with an emerging country and represents a significant opportunity for Italian companies interested in trade with Vietnam. The agreement, in fact, eliminates almost all duties and tariffs for exports, both for goods and services. In addition to this, there are provisions to facilitate trade, aiming to modernize and simplify import/export procedures and eliminate non-tariff barriers to bilateral trade.

In addition, Vietnam ensures the correct use of the country of origin indicator, a significant advantage for the ‘Made in Italy’ brand, which can be protected from local and international competition by fraudulent brands. The agreement also safeguards 169 European Geographical Indications, including 38 Italian ones. Another interesting aspect is the opportunity for European companies to participate in public tenders for infrastructure development in the country.

All of this will significantly contribute to increasing the trade between the EU and Vietnam: according to the analysis of the European Commission, European exports to Vietnam will grow by 29%, while Vietnamese exports will see an increase of 18%. More challenging to quantify, but certainly significant, are the benefits arising from the strengthening of economic ties with Vietnam and, consequently, with ASEAN countries—a region known for its substantial economic potential and the efficiency of its production chains.

Through increased direct investments and deepening bilateral trade in goods and services, Southeast Asian production chains can be integrated into the European market.

The agreement will create a predictable and secure trading environment, a unique opportunity for European businesses, including Italian ones. Vietnam is undergoing progressive liberalization, and the country represents one of the most important economies in the region, serving as a gateway for establishing trade relations with other countries in the area.

For further information and insights:”

Text of the agreement

– Access2Markets: EU information portal

Webinar on July 1 (introduction to the Agreement)

EU Guidance on Rules of Origin

– Electronic Guide for SMEs

Guida alla tutela della proprieta’ intellettuale ICE

Workshop on Work Permits for Foreign Service
Providers, Workers and other Business People
in Vietnam