A PRELIMINARY ANALYSIS ON THE VIETNAM'S EXPORTS INTO THE EU AFTER THREE-YEAR IMPLEMENTATION OF THE EVFTA: PRACTICE, CHALLENGES AND PROSPECTS

Abstract

The EU-Vietnam Free Trade Agreement (EVFTA) has ever been a concerted effort to cooperate and narrow down the gaps between Vietnam and the EU with the common aims of mutual benefits, understanding and developments for both. Started in 2010, it took 10 years to complete the negotiations and legal arrangements before taking effect officially in August, 2020. Three years have passed since the day of being ratified, the EVFTA has contributed a certain push towards the recovery and growth for Vietnam’s economy, especially when the COVID-19 pandemic has severely damaged most of the world’s economies. However, as there are going to be a great deal of changes when the EU has been now actively changing and adapting itself to the greener” level as of the requirements of the era and transformation economy, the new time and new contexts have continuously revealed a great number of new challenges to Vietnam’s adaptable abilities, besides the ones which have been foreseen and overcome in the past. This article looks at the overview of the EVFTA, and the trade volume from Vietnam to the EU during the first three years of the EVFTA implementation before discussing the new prospects and challenges to Vietnam in the near future.